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.
Tomorrow could mark a highly pivotal date in the copper calendar, with 30th June the deadline for US Commerce Secretary Howard Lunitck to provide the US President with an update on the refined copper market and domestic refining capacity.
Base Metal Quarterly Outlook: Q3 2026
Copper prices remain near record levels, but are they justified? Natalie Scott-Gray, StoneX Senior Metals Analyst, and Giles Plumb, StoneX Head of Base Metal Trading, examine whether AI demand, Section 232 tariffs, geopolitical risks and speculative positioning have pushed copper beyond what market fundamentals support. They also discuss where prices could settle if policy uncertainty fades and what traders should watch next.
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.
© 2026 StoneX Group Inc. all rights reserved.
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 website 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.
StoneX Financial Pte Ltd (“SFP”) (Co. Reg. No 201130598R) is regulated by the Monetary Authority of Singapore (“MAS”) as a Capital Markets Service Licence holder (for dealing in capital market products), an Exempt Financial Adviser (for advising on investment products and issuing or promulgating analyses/ reports on investment products) and a Major Payment Institution (for domestic and cross-border money transfer services).
StoneX APAC Pte. Ltd. (“SAP”) (Co. Reg. No 200616676W) is regulated as a Dealer (PS20190001002) under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 for purposes of anti-money laundering and countering the financing of terrorism.
StoneX Financial (HK) Limited (CE No.: BCQ152) (“SHK”) is regulated by the Hong Kong Securities and Futures Commission for dealing in securities and dealing in futures contracts.
StoneX Financial Pty Ltd (“SFA”) (ACN: 141 774 727) holds an Australian Financial Service License (AFSL: 345646) for Dealing in Securities, Exchange-Traded Derivatives Contracts, OTC Derivatives Contracts and Foreign Exchange Contracts and is regulated by the Australian Securities and Investments Commission.
StoneX Securities Co., Ltd. (“SSJ”) (Co. Reg. No 010401047199) is regulated by the Japanese Financial Services Agency as a Type-I Financial Instruments Business Operator (Kanto Local Finance Bureau (FIBO)No.291’), is a member of the Financial Futures Association of Japan for dealing and brokering FX and FX Option transactions, and is a member of the Japan Securities Dealers Association for dealing and brokering stock indices and option transactions.
