Vale’s iron ore output totaled 68 million tonnes in 1Q21, 14.2% higher than in 1Q20, but down 5.5% compared to the 72 million tonnes average analyst estimate.
Roskill says that cobalt production emissions are supported by increased demand from the EV sector and the dominance of nickel laterite in the supply chain.
Goldman Sachs this week raised its 12-month target for copper to $11,000 a tonne, while Citi recommended clients take on bullish copper exposure over the next few weeks.