Today’s guest is Albert Mackenzie from Benchmark Mineral Intelligence. Albert is a copper analyst and reporter who has been covering the copper market for the past four years. Before joining Benchmark, he worked in pricing at Fastmarkets, giving him a strong foundation in how metals markets function at both the transactional and structural level.

In this episode, we dive into copper’s record highs and the reasoning behind the rally. We explore the apparent surplus in inventories, including what Albert calls the “invisible stock”, and what that means for the market. We also discuss copper’s growing role in AI infrastructure and electrification, and how the evolving tariff landscape could shape the next phase of the market.

It’s an interesting, nuanced conversation about one of the most important metals in the global eco ...