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Natalie Scott-Gray

Senior Metals Demand Analyst

Role: Natalie Scott-Gray is a Senior Metals Demand Analyst in the Market Intelligence department of StoneX, with more than 12 years’ experience.

Experience: Natalie covers LME and battery material metals across EMEA and Asia, providing frequent market analysis and price forecasting for the company and its clients. Based in the London office, her responsibilities also cover support in the precious and energy markets. Prior to joining StoneX, Natalie was a Senior Metals Demand Analyst in the GFMS team at Refinitv. She specialised in precious metals activity among central banks and international financial institutions, in addition to following demand for bullion both in the paper and physical investment markets. Natalie covered precious metal fundamentals across Europe, including analysis on the automotive markets. She headed up the team’s technical analysis across the metals space, while taking up the position of lead analyst for metal demand within the chemical and petroleum sectors. She was the key analyst covering materials used in rechargeable batteries, predominately utilised in both the automotive and energy storage sectors. Prior to GFMS, Natalie was an oil and gas upstream analyst.

Expertise: Base Metals, LME, CME, SHFE, INE, Battery Materials, Energy, Commodities, Mining, Risk Management, Copper, Lead, Zinc, Lead, Tin, Aluminum, Nickel, Macroeconomics, China, futures, options, LME warehouses, technical analysis.

Recent articles

StoneX TV: What Base Metals Tightness Means for Copper Smelter Margins

The base metals outlook hinges on supply, as negative copper treatment charges and thin stocks offset a firmer U.S. dollar and soft China demand. Natalie Scott-Gray, StoneX Senior Metals Analyst EMEA & Asia, explains why supply risks across copper, zinc, aluminum and nickel are outweighing macro headwinds. Copper smelters are squeezed by negative treatment charges and falling Chinese sulfuric acid prices, while wage talks at BHP's Escondida mine add upstream risk. Trafigura's review of its Budel zinc smelter tightens supply outside China, and London Metal Exchange aluminum stocks sit at their lowest since early 2025. In Indonesia, drought has cut nickel pig iron output even as global nickel inventories hold at record highs.

Natalie Scott-Gray
Natalie Scott-Gray
  • Base Metals

Chinese Metals Demand Softens as Pre-Holiday Restocking Masks the Gap

Chinese metals demand is softening as weak credit growth and limited stimulus leave manufacturing activity exposed. Pre-holiday restocking has pushed domestic copper premiums to their highest since 2021, masking the gap between seasonal buying and underlying consumption.

Natalie Scott-Gray
Natalie Scott-Gray
  • Base Metals

Weekly Base Metal Macroeconomic Slides

Base metals enter a critical week with increasingly supportive micro-fundamentals being offset by a more challenging macro backdrop. Inventory trends across several metals remain constructive, particularly in zinc, copper and aluminium, but investors face rising uncertainty from US monetary policy, Chinese demand concerns and escalating geopolitical tensions.

Natalie Scott-Gray
Natalie Scott-Gray
  • Base Metals
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