Natural Resources >> Analyst Interviews >> December 10, 2025
Jonathan Brandt, CFA, is a Senior Equity Research Analyst at HSBC. He is head of HSBC’s LatAm cement, construction and real estate equity research team and also covers the LatAm pulp and paper sector. He joined HSBC in February 2010 as a LatAm metals and mining analyst, before transitioning to the pulp and paper sector in March 2013. Previously, Mr. Brandt was a buy-side analyst for six years at a major U.S. investment firm, covering commodity companies in LatAm and EMEA. He holds a bachelor’s degree in economics from Wesleyan University and is a CFA charterholder. Profile
James Steel is HSBC’s Chief Commodities Analyst with specific responsibilities for precious metals. Mr. Steel joined HSBC in May 2006. Previously he ran the New York research department of a large U.S. commodities brokerage house. He also worked for The Economist in the Economist Intelligence Unit covering commodity producing nations. Mr. Steel’s primary duties at HSBC include the production of daily market reports, including long-term outlooks for precious metals. These include supply/demand and price forecasts, as well as qualitative analyses. Mr. Steel is a frequent speaker at commodities-related conferences. He is often quoted in the financial media and frequently appears on CNBC. Mr. Steel studied economics in London and New York. Profile
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TWST: In the context of your view of the current market scenario, please introduce your coverage.
Mr. Brandt: Together with the team, I’m
