Global Materials | Industrials | Commodities

Rahul Jain

Over 20 years of sell-side research experience across Global Metals & Mining, Cement, Industrials, and Commodities. Extensive first-hand mine and plant visits spanning India, Australia, China, the US, and the UK.
Hundreds of buy-side engagements across major global financial hubs in Asia, North America, and Europe. Also led a comprehensive client tour of China to deepen industry understanding.

Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Thematic (Sector/Industry)

Poland Metals and mining / Thematic (Sector/Industry)

<ul>
<li>Silver prices have rallied 20% YTD to $35.60/oz, supported by strong industrial demand and a persistent market deficit.</li>
<li>Despite being a small market compared to gold and copper, silver offers niche exposure through major producers like Hindustan Zinc, Fresnillo, and Pan American.</li>
<li>Structural undersupply, driven by green tech and limited new mine capacity, positions silver as a high-beta hedge and a strategic long-term play.</li>
</ul>


Silver prices have rallied 20% YTD to $35.60/oz, supported by strong industrial demand and a persistent market deficit.
Despite being a small market compared to gold and copper, silver offers niche exposure through major producers like Hindustan Zinc, Fresnillo, and Pan American.
Structural undersupply, driven by green tech and limited new mine capacity, positions silver as a high-beta hedge and a strategic long-term play.


Industrias Penoles, S.A.B. De C.V. (PE&OLES* MM EQUITY)

Silver Market Snapshot: Rising Prices, Industrial Tailwinds, and Strategic Exposure