Goldman Sachs has temporarily suspended its coverage of zinc markets, attributing the decision to “restricted capacity” following significant leadership changes within its commodities division. This move comes after the departure of Nicholas Snowdon, the metals strategist who has joined Mercuria, an energy trader looking to enhance its footprint in the sector.
Snowdon’s exit is part of a broader trend at Goldman, as Jeff Currie, the former head of commodities research, left earlier this year to lead energy transition analysis at Carlyle Group. Additionally, internal communications have indicated that Xiao Qin, co-head of commodities trading, is set to retire by the end of the year.
These departures have raised questions about Goldman’s ability to maintain its presence and expertise in the commodities market, particularly in zinc, as it navigates these transitions.