The proposal would still face a vote from the full assembly to be included in the final draft text, which would itself go before a national referendum vote later this year.

Copper prices are set to languish this year, a Reuters poll of analysts showed, weighed down by weaker demand as rising interest rates curb economic growth.

A proposal that opens the door to nationalizing some of the biggest copper and lithium mines in the world was approved in first instance.

While the squeeze last month was focused on near-dated contracts, in recent days it has spread through the curve.

Market balances are expected to shift from supply deficit towards surplus in 2023 as production recovers and demand cools, Andy Home says.

Benedikt Sobotka said that the surging price of the metal, which rose by 119% in 2021, was giving a very clear message: the market is severely short of cobalt, a key ingredient in the batteries that power EVs.