Macro Voices MacroVoices #493 Ole Hansen: Commodities Are Heating Up!
157 snips
Aug 14, 2025 
Ole Hansen, Saxo Bank's Head of Commodity Strategy, dives deep into the intricacies of the commodities market. He discusses the impacts of recent tariffs on copper and oil while highlighting the critical demand for resources during the green transition. The conversation shifts to the oil market's dynamics, focusing on OPEC's strategies and the effects of backwardation on pricing. Hansen also analyzes trends in precious metals, emphasizing the differing behaviors of gold and silver, and touches on the copper futures market's price movements.
AI Snips
Chapters
Transcript
Episode notes
Farmer's Perspective On Low Grain Prices
- Ole recounts meeting a Danish farmer who described record production amid low prices.
- The farmer must work harder to match income from prior high‑price years despite larger yields.
Rare Earths Are Strategically Concentrated
- China dominates rare‑earth refining, making supply a strategic vulnerability despite small market size.
- Building Western refinery capacity is costly, polluting, and will take time and political will.
Oil Faces Short-Term Softness, Long-Term Risk
- Oil demand isn't vanishing and long‑term underinvestment could push prices higher in 4–5 years.
- Short‑term oversupply and OPEC dynamics can keep prices rangebound or lower in the near term.