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.

Macro and Geopolitical Research House

Energy Cable: The demand outlook in China is dreadful to say the least …

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Commodities

<ul>
<li>Take aways: China will flood markets with copper supply</li>
<li>Copper har decoupled from macro fundamentals according to our PCA tool</li>
<li>It’s a tuck or war between positioning and fundamentals in metals. <span style="font-weight: 400;">Crude tumbling despite all time highs in global flight data and crowded congestion</span>
</li>
</ul>


Take aways: China will flood markets with copper supply
Copper har decoupled from macro fundamentals according to our PCA tool
It’s a tuck or war between positioning and fundamentals in metals. Crude tumbling despite all time highs in global flight data and crowded congestion



Energy Cable: More pain to come in copper, while Nat Gas is a long trade?