{"podcast":{"title":"The Derivative","slug":"the-derivative-1211538","podcast_index_feed_id":1211538,"rss_url":"https://anchor.fm/s/11908b3c/podcast/rss","website_url":"https://www.rcmalternatives.com/the-derivative-podcast-2/","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_nologo/2846855/2846855-1620915954456-19c2307e4d322.jpg","author":"RCM Alternatives","episode_count":233,"summary":"Welcome to The Derivative by RCM Alternatives, where we dive into what makes alternative investments go, analyze the strategies of unique hedge fund managers, and chat with interesting guests from across the investment world. Hosted by RCM Managing Partner, Jeff Malec, join us to take a ride through the world of alternative investments.","last_synced_at":"2026-07-10T08:18:50.968173+00:00","page_url":"https://stenobird.com/podcast/the-derivative-1211538"},"episode":{"title":"“Dr. Copper”: From Chilean Mines to Chinese Smelters to AI Data Centers in the US - with Kurt Nelson & Natalie Scott-Gray","slug":"dr-copper-from-chilean-mines-to-chinese-smelters-to-ai-data-centers-in-the-us-with-kurt-nelson-natalie-scott-gray","published_at":"2026-05-28T15:53:08+00:00","page_url":"https://stenobird.com/podcast/the-derivative-1211538/dr-copper-from-chilean-mines-to-chinese-smelters-to-ai-data-centers-in-the-us-with-kurt-nelson-natalie-scott-gray","show_page_url":"https://stenobird.com/podcast/the-derivative-1211538","url":"https://podcasters.spotify.com/pod/show/rcm-alts-the-derivative/episodes/Dr--Copper-From-Chilean-Mines-to-Chinese-Smelters-to-AI-Data-Centers-in-the-US---with-Kurt-Nelson--Natalie-Scott-Gray-e3k1713","audio_url":"https://anchor.fm/s/11908b3c/podcast/play/120674787/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-4-28%2F425066567-44100-2-fe7e92441dccb.m4a","summary":"Copper steps out of the shadow of gold and silver in this wide‑ranging conversation with StoneX’s Natalie Scott Gray and SummerHaven’s Kurt Nelson. Jeff digs into why “Dr. Copper” sits at the heart of electrification, AI data centers, EVs, and defense, and how underinvestment in mines, fragile supply chains from Chile to the DRC, and China’s smelting dominance are setting the stage for structural shortages. Natalie breaks down the real fundamentals: tariffs, sulfuric acid bottlenecks, strategic stockpiling, and the difference between visible and hidden inventories, while Kurt connects it all to macro, inflation, and why investors may be underestimating copper versus the miners. Along the way, they hit on rare earths, environmental trade‑offs, and what rising retail interest in copper bars might signal about the next phase of the metals trade. SEND IT! Chapters: 00:00-01:16=Intro 01:17–04:58 = Natalie & Kurt: From Chemistry Labs to Copper Markets 04:59–14:09 = What Makes “Dr. Copper” Special? Conductivity, AI, EVs & the Grid 14:10–26:41 = Inside the Copper Supply Machine: Mines, Smelters & China’s Grip 26:42–39:34 = Tariffs, Trade Wars & Regional Shortages: How Policy Moves Copper 39:35–56:19 = Structural Deficits, Sulfur Shocks & the Coming Copper Crunch 56:20–1:03:09 = Investing in Copper: Futures vs. Miners, Inflation & Retail FOMO 1:03:10–1:08:43 = Copper Bars, Lab-Grown Diamonds & Restaurant Recs Blog Post: The Hardest Trade Is Holding the Thing That Doesn’t Hug You Back Podcast episode: Unlocking the Commodity Risk Premium with Kurt Nelson of SummerHaven Follow along on LinkedIn with Kurt Nelson & Natalie Scott-Gray and be sure to check out summerhavenindex.com and stonex.com for more information! Don't forget to subscribe to ⁠⁠⁠⁠⁠⁠…","meta_description":"Copper steps out of the shadow of gold and silver in this wide‑ranging conversation with StoneX’s Natalie Scott Gray and SummerHaven’s Kurt Nelson. Jeff d…","key_points":[],"chapters":[],"topics":[],"duration_seconds":4123,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/the-derivative-1211538/episodes/dr-copper-from-chilean-mines-to-chinese-smelters-to-ai-data-centers-in-the-us-with-kurt-nelson-natalie-scott-gray/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/the-derivative-1211538/dr-copper-from-chilean-mines-to-chinese-smelters-to-ai-data-centers-in-the-us-with-kurt-nelson-natalie-scott-gray.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}