
Weekly Base Metal Macro Economic Slides
Base Metals LME Report by Natalie Scott-Gray

- Base Metals
We connect clients to markets
StoneX Group Inc. connects clients to the global financial markets via a full suite of services including institutional-grade platforms, end-to-end clearing and execution, post-trade settlement, market intelligence and local expertise. A Fortune 100 company with a century-long track record, StoneX Group Inc. (NASDAQ:SNEX) and its 4,000+ employees serve over 54,000 commercial, institutional and payments clients, along with over 400,000 retail accounts, from over 80 offices across six continents.
Back in 1924, Saul Stone established Saul Stone & Company in Chicago, Illinois as a farm products wholesaler. Fast forward 100 years, and the same entrepreneurial DNA that drove Saul Stone is still the cornerstone of StoneX Group Inc. today. This year, StoneX is taking time to commemorate its rich
heritage and the individuals that were instrumental to its success.

We utilize our capital, knowledge, and expertise to provide our clients with access to a broad range of financial products and services.
Our capabilities include:
As a regulated and publicly traded company, StoneX Group Inc. is subject to stringent corporate governance, financial reporting and disclosure requirements. Our commitment to integrity, transparency, and trust is integral to building deeply valued, long-term relationships with our clients.
• Equities • Fixed income • ETFs • Currencies • FX • OTC • Crypto • Metals • Grains/Oilseeds • Dairy • Softs • Energy • Forest Products • Meats/Livestock • Plastics • Renewable Fuels • Carbon • Frontier/Emerging
• AEX • ASX • B3 • BYMA • CBT • CFE • CME • COMX • DCE • DGCX • DME • EEX • EURX • HKFE • IDEM • IFAD • IFED • IFEU • IFLL • IFLO • IFLX • IFUS • INE • KRX • LME • MATBA-ROFEX • MATF • MDEX • MEFF • MGEX • MONP • NDEX • NODAL • NOREXECO • NXE • NYME • OSE • SAFX • SGX • SMALL • TAIFEX • TCE • TMX • TOCOM • ZCE
(1) Total volume traded of FX / CFD, Securities, and Global Payments contracts on a trailing twelve month basis as of September 30, 2023
Institutional clients
StoneX offers institutional clients a comprehensive range of services, including trading, financing, clearing, and custody, across virtually any asset class and financial market globally. A leading liquidity provider in equities, fixed income, and OTC markets, we provide high-touch and electronic execution with most global securities exchanges and over 40 derivatives exchanges. Our global prime and custody desk connects clients to institutional securities and derivatives capabilities while also providing complementary services including capital introduction and outsourced trading solutions.
Commercial clients
We offer our commercial clients a comprehensive global array of products and services, including risk management and hedging services, execution and clearing of exchange-traded and OTC products, voice brokerage, market intelligence, physical trading, as well as commodity financing and logistics services. Our ability to provide these high-value-added products and bespoke services differentiates us from our competitors and maximizes the opportunity to help our commercial clients succeed.
Payments clients
We offer competitive and transparent pricing in more than 140 currencies across over 180 countries. As a SWIFT-accredited service bureau and member, we offer our services to international development organizations, international corporations, community and global banks and educational institutions seeking more competitive international payments services. We utilize a global network of approximately 350 correspondent banks, ensuring efficient and timely payments in local currency.
Retail clients
Our industry-leading retail brands include FOREX.com, City Index, StoneX Bullion, and StoneX One. Together these offerings provide clients with access to foreign exchange, securities, futures, and precious metals markets, and the ability to trade contracts for difference* (“CFDs”). In addition, individuals and families can access comprehensive investment services, financial advice and planning solutions through StoneX Wealth Management.
*Not available in the United States
The subsidiaries of StoneX Group Inc. provide financial products and services, including, but not limited to, physical commodities, securities, clearing, global payments, risk management, asset management, foreign exchange, and exchange-traded and over-the-counter derivatives. These financial products and services are offered in accordance with the applicable laws in the jurisdictions in which they are provided and are subject to specific terms, conditions, and restrictions contained in the terms of business applicable to each such offering. Not all products and services are available in all countries. The products and services offered by the StoneX Group of companies involve risk of loss and may not be suitable for all investors. Full Disclaimer. This content is not intended for residents of any particular country, and the information herein is not advice nor a recommendation to trade nor does it constitute an offer or solicitation to buy or sell any financial product or service, by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Please refer to the Regulatory Disclosure section for entity-specific disclosures. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc. The information herein is provided for informational purposes only. This information is provided on an ‘as-is’ basis and may contain statements and opinions of the StoneX Group of companies as well as excerpts and/or information from public sources and third parties and no warranty, whether express or implied, is given as to its completeness or accuracy. Each company within the StoneX Group of companies (on its own behalf and on behalf of its directors, employees and agents) disclaims any and all liability as well as any third-party claim that may arise from the accuracy and/or completeness of the information detailed herein, as well as the use of or reliance on this information by the recipient, any member of its group or any third party.
© 2026 StoneX Group Inc. all rights reserved.
Our subscribers have access to comprehensive market analysis from StoneX spanning commodities, equities, currencies and more.

Base Metals LME Report by Natalie Scott-Gray


Last week in New York, StoneX hosted its fourth annual Natural Resources Summit, alongside Copper Club Week. In the article below we discuss the outlook for copper in the year ahead, based on the key questions asked by market players over the course of the week.


Copper's relationship with artificial intelligence has become one of the most influential narratives in commodity markets, helping propel prices to record highs. Yet while investors continue to price in a future shaped by data centres and electrification, the reality of copper demand today remains far more measured.

Our market expertise, advanced platforms, global reach, culture of full transparency and commitment to our clients’ success all set us apart in the financial marketplace.
Reach
With access to 40+ derivatives exchanges, 180+ foreign exchange markets, nearly every global securities marketplace and numerous bi-lateral liquidity venues, StoneX’s digital network and deep relationships can take clients anywhere they want to go.
Transparency
As a publicly traded company meeting the highest standards of regulatory compliance in the markets we serve; our financials and record of accomplishment are matters of public record. StoneX’s commitment to “doing the right thing over the easy thing” sets us apart in the industry and helps us build respect, client trust and new partnerships.
Expertise
From our proprietary Market Intelligence platform, to “boots on the ground” expertise from award-winning traders and professionals, we connect our clients directly to actionable insights they can use to make more informed decisions and achieve their goals in the global markets.