Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Commodities

<ul>
<li>The everlasting circus of US politics continues, and at this point, it almost seems like Bessent has effectively taken over the presidency—at least when it comes to pushing through the most critical U-turns in Trump’s policy decisions.</li>
<li>When we loop back over the major U-turns of the past couple of months, the most influential reversals all appear to have been driven by Bessent (and, to an extent, Lutnick)</li>
<li><span style="font-weight: 400;">What exactly is going on inside the Trump camp? It’s painfully obvious that they are not aligned on the public message, and to add fuel to the fire, Trump is now back attacking Zelensky once again.</span></li>
</ul>


The everlasting circus of US politics continues, and at this point, it almost seems like Bessent has effectively taken over the presidency—at least when it comes to pushing through the most critical U-turns in Trump’s policy decisions.
When we loop back over the major U-turns of the past couple of months, the most influential reversals all appear to have been driven by Bessent (and, to an extent, Lutnick)
What exactly is going on inside the Trump camp? It’s painfully obvious that they are not aligned on the public message, and to add fuel to the fire, Trump is now back attacking Zelensky once again.


The Drill: Watch oil as OPEC is imploding..

<ul><li>Time for your weekly fix of what’s going on at the messy intersection of commodities and geopolitics.</li><li>Energy prices are drifting lower — just as Trump said they would — but I’m not so sure the driver is the one Trump and his team anticipated.</li><li>We’re staring down the barrel of a pretty material manufacturing slump in Q2.</li></ul>

Time for your weekly fix of what’s going on at the messy intersection of commodities and geopolitics.Energy prices are drifting lower — just as Trump said they would — but I’m not so sure the driver is the one Trump and his team anticipated.We’re staring down the barrel of a pretty material manufacturing slump in Q2.

The Drill: A rush for gold amidst a geopolitical circus unfolding

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

<ul><li>President Trump triggered turmoil in the stock and bond markets, sent shockwaves through the global economy, and claimed the U.S. would eliminate the national debt using trillions supposedly generated from his tariffs.</li><li>Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s suddenly starting to back down.</li><li>Trump dropped his country-specific tariffs down to a universal 10% rate for all trade partners except China on Wednesday - for a limited time period of 90 days - presumably to have more time to make deals with each country.</li></ul>

President Trump triggered turmoil in the stock and bond markets, sent shockwaves through the global economy, and claimed the U.S. would eliminate the national debt using trillions supposedly generated from his tariffs.Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s suddenly starting to back down.Trump dropped his country-specific tariffs down to a universal 10% rate for all trade partners except China on Wednesday - for a limited time period of 90 days - presumably to have more time to make deals with each country.

How Commodities React To Trumps New Global Trade Plans

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Silver prices recently plunged 14%, driven by US tariffs, concerns over global trade slowdowns, and reduced industrial demand, overshadowing long-term fundamentals like strong green tech demand.</li>
<li>The price drop reflects heightened economic uncertainty, triggered by geopolitical shifts, tariffs, and weak demand forecasts, leading to a sharp sell-off in silver, particularly affecting industrial applications.</li>
<li>Despite short-term volatility, silver’s industrial demand remains robust, and long-term supply shortages persist. Tariffs and global trade concerns will continue influencing price fluctuations in the near term.</li>
</ul>


Silver prices recently plunged 14%, driven by US tariffs, concerns over global trade slowdowns, and reduced industrial demand, overshadowing long-term fundamentals like strong green tech demand.
The price drop reflects heightened economic uncertainty, triggered by geopolitical shifts, tariffs, and weak demand forecasts, leading to a sharp sell-off in silver, particularly affecting industrial applications.
Despite short-term volatility, silver’s industrial demand remains robust, and long-term supply shortages persist. Tariffs and global trade concerns will continue influencing price fluctuations in the near term.


<ul><li>*YTD our absolute return strategy is up 7,5% Commodities Crash after Trump’s Tariff Nightmare In his mission to re-shore critical industries, raise revenue for the U.S. and narrow the deficit, Trump rolled out aggressive tariffs on virtually all countries (except Russia, Cuba and North Korea).</li><li>The new 10% tariff baseline is roughly triple the average US tariff rate before Trump reclaimed power in January and the calculation behind each tariff rates seems insane.</li><li>“We will charge them approximately half of what they are and have been charging us,” Trump said of the reciprocal tariffs.</li></ul>

*YTD our absolute return strategy is up 7,5% Commodities Crash after Trump’s Tariff Nightmare In his mission to re-shore critical industries, raise revenue for the U.S. and narrow the deficit, Trump rolled out aggressive tariffs on virtually all countries (except Russia, Cuba and North Korea).The new 10% tariff baseline is roughly triple the average US tariff rate before Trump reclaimed power in January and the calculation behind each tariff rates seems insane.“We will charge them approximately half of what they are and have been charging us,” Trump said of the reciprocal tariffs.

Commodities Crash after Trump’s Tariff Nightmare

United States

Copper is a chemical element with symbol Cu (from Latin: cuprum) and atomic number 29. It is a soft, malleable and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a reddish-orange color. It is used as a conductor of heat and electricity, as a building material and as a constituent of various metal alloys, such as Sterling silver used in jewelry, cupronickel used to make marine hardware and coins and constantan used in strain gauges and thermocouples for temperature measurement.

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Copper (COPPER COMDTY)

The Drill: Watch oil as OPEC is imploding..

Evening from Copenhagen. The everlasting circus of US politics continues, and at this point, it almost seems like Bessent has effectively taken...

Steno Research

The Drill: A rush for gold amidst a geopolitical circus unfolding

Time for your weekly fix of what’s going on at the messy intersection of commodities and geopolitics. Energy prices are drifting lower — just as...

Steno Research

How Commodities React To Trumps New Global Trade Plans

Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s...

The Commodity Report

Why Silver Is Falling?

Silver prices plummeted 14% due to US tariffs and trade concerns, overshadowing strong green tech demand and long-term supply shortages.

Nimish Maheshwari

Commodities Crash after Trump’s Tariff Nightmare

The new 10% tariff baseline is roughly triple the average US tariff rate before Trump reclaimed power in January and the calculation behind each...

The Commodity Report

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Drill: Watch oil as OPEC is imploding..

Evening from Copenhagen. The everlasting circus of US politics continues, and at this point, it almost seems like Bessent has effectively taken...

Steno Research

The Drill: A rush for gold amidst a geopolitical circus unfolding

Time for your weekly fix of what’s going on at the messy intersection of commodities and geopolitics. Energy prices are drifting lower — just as...

Steno Research

How Commodities React To Trumps New Global Trade Plans

Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s...

The Commodity Report

Why Silver Is Falling?

​Silver prices plummeted 14% due to US tariffs and trade concerns, overshadowing strong green tech demand and long-term supply shortages.

Nimish Maheshwari

Commodities Crash after Trump’s Tariff Nightmare

The new 10% tariff baseline is roughly triple the average US tariff rate before Trump reclaimed power in January and the calculation behind each...

The Commodity Report

Silver prices plummeted 14% due to US tariffs and trade concerns, overshadowing strong green tech demand and long-term supply shortages.