The Current Commodity Supercycle (Paulo Macro)

Today’s episode is a wide-ranging conversation with Paulo Macro.

Paulo’s been sharing some fantastic and thought-out views on many commodities, as well as his all-encompassing that we’re in a new supercycle.

He details and expands upon these ideas, while we quiz him on copper, uranium and energy, where he shines a light on the key features to watch out for as markets grind or burst higher.

Stocks covered: SFR, FCX.NY, HBM.TO, IVN.TO, FM.TO, CSC, TGB.NY, ALDE.C, CCJ.NY, URA.NY, UEC.NY, NXG, U.U, YCA.L, VAL.NY, SDRL.NY

Follow Paulo's substack here: https://substack.com/@paulomacro

This was recorded on 13.11.2025.   

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TIMESTAMPS  

(00:00) — Episode introduction & global economy unsynchronization
(00:40) — Supercycle and China bull market discussion
(02:30) — China's demand and commodity cycles
(04:10) — Rise of commodities as an asset class
(06:10) — Supply constraints and commodity price appreciation
(09:10) — Commodity price spikes: gas, nickel, oil, uranium, copper
(12:20) — Active vs. passive investing in commodities
(14:30) — Copper supply story and price ranges
(19:30) — Asia vs. West economic cycles & metals demand
(21:30) — Mining M&A and cycle phases
(30:40) — Copper mine disasters and market impact
(40:00) — Uranium market and NextGen discussion
(50:30) — Uranium market strategies, Cameco, and NextGen
(1:00:00) — US uranium policy, strategic reserve, and market speculation
(1:06:00) — Oil market: 2026 outlook, OPEC, and global supply
(1:16:00) — Oil equities, hedging, and US production
(1:22:00) — Episode wrap-up & final thoughts
(1:23:50) — Sponsors, credits, and closing remarks

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