The HC Commodities Podcast

Meena Chauhan, Senior Manager for sulphur and sulphuric acid research at Argus Media, explains where sulphur comes from and how it is produced. She covers trading forms and pricing, the link to fertiliser and metals, regional supply shifts and the Strait of Hormuz disruption. She discusses trade rerouting, export bans, sharp price moves and what timelines might mean for future supply.

David Tannebaum, founder of Blackstone Compliance and sanctions/maritime expert, walks through shifting oil sanctions and how the dark fleet adapted. He covers US licensing for oil at sea, divergence between US and EU rules, payment workarounds, enforcement tactics, and why prospects for an Iran deal look tougher now.

Archie Hunter, Bloomberg commodities journalist who tracks trading houses, metals, oil and energy, joins for a round-up of market action. They discuss supply shocks that open trader opportunities. They cover traders as problem solvers for governments, cross-commodity moves, consolidation driven by balance-sheet firepower, and the legal and geopolitical strains of extreme volatility.

Doomberg, an independent energy and commodities analyst and Substack writer, returns with a blunt take on global fragility. He discusses how delicate energy infrastructure, shifting Gulf politics, China’s strategic gains, and rising risks around Russia and Iran reshape markets. He also probes AI’s energy implications and why current shocks can spiral into long-term geopolitical change.

In this episode, host of the HC Commodities Podcast, Paul Chapman, shares his notes and reflections from the FT Global Commodities Summit, which he just attended in Lausanne, Switzerland. Drawing on panel discussions, on‑stage debates and informal conversations across the event, Paul explores the themes shaping today’s commodities markets across energy, metals and agriculture. From shifting supply‑chain models to rising geopolitical risk and the growing role of data and technology, the episode reflects on how market participants are adapting to a more fragmented and uncertain global landscape. HC Group was proud to be a Silver Sponsor of the summit, which brought together senior leaders from across the global commodities sector for debate, insight and exchange. AI in Commodity Trading is HC Group's latest report, produced in collaboration with FT Longitude. It explores where AI is having the greatest impact today, and what will determine competitive advantage tomorrow. Download the report here: https://www.hcgroup.global/insights/talent-trends/report-ai-in-commodity-trading-why-data-will-define-the-winners For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

Register your interest for Bloomberg and HC Group's metals trading event: https://go.bloomberg.com/join/invite/metals-pricing-the-narrative-vs-pricing-the-physical/ Access HC Group’s Q1 Market Review: https://www.hcgroup.global/insights/market-reviews/access-q1-market-review-2026 Register for HC Talent Intelligence's Energy Trading Salary Report: https://www.hcgroup.global/reports For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

Today, we return to the European energy markets, in particular, power. How has European power demand fared since COVID and Russia's invasion of Ukraine? What has that done to power markets themselves and the energy mix? Just as European power demand was starting to pick back up, has Israel and the US's attack on Iran upended it? And what has all this volatility meant for power traders and European energy traders more broadly? Our guest is Xavier Veillard, Partner at McKinsey & Company and global lead for power trading, to unpack how market volatility is reshaping power trading strategies and the skills traders now require. For related content and to find out more about HC Group, a search firm dedicated to the energy & commodities sector, visit https://www.hcgroup.global

William Parry-Jones, founder of Wolfram Advisory and an authority on the global tungsten market. He explains what tungsten is and why tungsten carbide matters. He traces China’s dominant supply role and recent export controls. He discusses price surges, recycling versus primary mining, and where new supply might emerge in the next few years.

Grant Sporre, a senior commodities and equities analyst at Bloomberg Intelligence with mining and sell-side experience, breaks down copper and gold. He contrasts copper’s industrial supply chain and trading mechanics with gold’s store-of-value narrative. He also covers how investor flows, geopolitical events and China’s demand influence pricing. The conversation highlights where fundamentals win out over narrative.

Nick Kumleben, macro and commodities analyst at Greenmantle, offers a sharp take from CERA Week. He describes the tense market mood, short-term supply strains on diesel and jet fuel, and limits of strategic petroleum releases. He explores sanctions erosion, deglobalization, energy security driving clean tech, and the risk of wider escalation and food shocks.