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 New Quarterly Series – The Base Case: AI and the Cycle

AI copper demand reaches well beyond data centers into aging power grids, while copper now trades in step with AI and tech stocks on risk-off days. Natalie Scott-Gray, StoneX Senior Metals Analyst EMEA & Asia, is joined by Giles Plumb, Head of Base Metals Trading; Philip Meijer, Options Sales Trade; Michael Price, Senior Base Metal Sales; and Michael Cuoco, Head of Fund Sales, Metals and Bulks, to explain how AI is reshaping the copper market. The panel weighs whether data center copper demand is already priced in, and why a hot U.S. inflation print pulled copper lower alongside AI and semiconductor stocks. They also cover rising copper volatility, thinner liquidity on the London Metal Exchange, record options open interest, and the strategic weight of U.S. copper stocks.

Natalie Scott-GrayMon, 26 Oct 2026, 11:26

Base Metals

LME Copper Options Open Interest Climbs as Futures Prove Too Volatile

Open interest in LME traded options has climbed to record highs as copper's price swings grow faster and deeper. StoneX metals specialists explain how AI-driven positioning, risk-off selloffs and thin liquidity are pushing market participants beyond outright futures.

Natalie Scott-GrayTue, 20 Oct 2026, 14:14

Base Metals

StoneX LME Week Metals Outlook 2026

Natalie Scott-GrayFri, 16 Oct 2026, 17:30

Base Metals

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