The agreement to back the plant being developed by startup Green Lithium brings the world’s top independent commodities trader into a market struggling to create new supply.

Gold's rebound was attributable to a dip in Treasury yields and a small pullback in the dollar.

Iron ore has fallen around a quarter from this year’s peak in early March as covid restrictions spread.

The USDX and the precious metals market are like reverse images.

Xiang Guangda bought contracts in the market to reduce his short bet by about 10,000 lots, or 60,000 tonnes, mainly in the last two weeks.

Gold-mining profitability last quarter was among the highest on record, and ought to improve further as this year marches on.

“Overall in the short term, industrial metals will still remain under heavy pressure,” said the ING Bank.