Macro Voices MacroVoices #493 Ole Hansen: Commodities Are Heating Up!
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Aug 14, 2025 
Ole Hansen, Saxo Bank's Head of Commodity Strategy, dives deep into the intricacies of the commodities market. He discusses the impacts of recent tariffs on copper and oil while highlighting the critical demand for resources during the green transition. The conversation shifts to the oil market's dynamics, focusing on OPEC's strategies and the effects of backwardation on pricing. Hansen also analyzes trends in precious metals, emphasizing the differing behaviors of gold and silver, and touches on the copper futures market's price movements.
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Hard Assets Benefit From Uncertainty
- Investor demand for hard assets has risen due to uncertainty and inflation fears.
- Commodities show mixed performance now but set the foundation for strong future gains.
Farmer's Perspective On Low Grain Prices
- Ole recounts meeting a Danish farmer who described record production amid low prices.
- The farmer must work harder to match income from prior high‑price years despite larger yields.
Commodities Move In Multi‑Decade Cycles
- Commodity cycles are long because production adjusts slowly and requires revenue incentives.
- Underinvestment during low-price decades seeds large rallies when demand returns.