In this Daily Editorial, we sit down with Brian Leni, the founder and editor of the Junior Stock Review and host of the Field Notes YouTube channel. Brian breaks down the current shifting dynamics within the resource sector. Here are the key themes discussed in this episode: Shifting Capital in the Metals Sector: How capital is rotating away from precious metals and where those funds are actively migrating within the broader commodities space. The Macro Outlook for Copper: Learn about the defining economic indicators - including negative treatment and refining charges - that suggest the current copper price may represent a long-term floor rather than a peak. Evaluating Development Projects: Understand the criteria investors should use to differentiate between early-stage resources and advanced, construction-ready assets. Geopolitical Factors &amp; Supply Chains: An overview of how deglobalization and regional supply disruptions are fundamentally reshaping global commodity markets. Strategic Portfolio Rebalancing: Insights into the benefits of holding a tactical cash position and how to position a portfolio for high-upside exploration opportunities during periods of market uncertainty. Click here to visit the Junior Stock Review website to keep up to date on what Brian is investing in - https://www.juniorstockreview.com/ Click here to watch the latest Field Notes video - https://www.youtube.com/@FIELD_NOTES --------------------- For more market commentary &amp; interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Brian Leni - Investors Rotating Money In Metals: Copper & Copper Stock Outlooks

The KE Report

# Full Transcript

**Podcast:** The KE Report

## Transcript

Hey everyone, welcome to The KE Report in a daily editorial on Thursday, May 28th. We are chatting with Brian Leni. Brian is the founder and editor of the Junior Stock Review and also the host on the Field Notes YouTube channel where Brian goes, chats with executives on site visits, always very informative and very well produced. So Brian, today I really want to focus on the theme of rotation within the commodities and metals sector in particular.

Look, precious metals, they're rebounding a bit today, but precious metals have been boring for the last couple months and boring downward, just slowly fading lower and lower. We've gotten a lot of comments about how this correction was needed and just wait for the rebound and the pop higher whenever that is.

But what I think is happening here is there's a lot of money, I think, filtering out of precious metals, moving into a few other metals sectors. Copper, we've talked there, that continues to do well. Dips are being bought. The stocks are kind of lagging, but overall copper still looks great.

And all these critical minerals, that's where a lot of money is flowing into the equities. So Brian, your assessment of what I think is happening here, rotation of metals investors out of precious metals into these smaller metal markets. Yeah, it's it's first. Thank you for having me, guys. It's an interesting market right now. And so prototypical after and I like again, I'm not calling where we are or where we're going necessarily in the market.

If it's an interim top or, you know, multi year top, whatever. But after these these massive momentum swings, you know, January being a huge push and then sort of a deflating balloon after sort of compounded by the conflict in the Middle East. It's a really interesting market. And you've got like you said, there seemingly is a rotation into some of these smaller metals markets. The copper is definitely not necessarily smaller, but it's it's definitely different than the precious metals market.

And, you know, for me personally, like I look for, you know, the higher quality companies, more selection, certain aspects of where the companies are in their development curve. And so I tend to stick away from those more niche metals. I think there is like a huge opportunity in the copper market. I really think we're at a stage where we're seeing a big divergence where this price, while it's an all time high, probably looking forward, in my view, it looks more like a lot of money.

Like a base or a bottom than a than a than a peak in the copper price. And I think the biggest evidence towards that is the treatment and refinement charges being negative. I was talking to an Aussie concentrate trader last week, in depth conversation, it was actually a lot more in depth than I thought it was going to be. And the guy was just saying is like, you know, there's just no supply for these smelting operations.

The negative ...

Brian Leni - Investors Rotating Money In Metals: Copper & Copper Stock Outlooks

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Brian Leni - Investors Rotating Money In Metals: Copper & Copper Stock Outlooks

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.