Demand picked up following the lifting of covid-19 lockdowns that had hurt manufacturing activity.

Shrinking exchange stocks should be a bullish price signal. Right now, however, macro is trumping micro as Western recession fears pummel the industrial metals complex.

Its after-tax net present value, using a 5% discount rate, is estimated at C$109 million, with an internal rate of return of 20%.

VW is the latest carmaker to partner with Redwood, which has forged similar alliances with Toyota, Ford and Volvo Cars.

A Vedanta spokesman said the mines minister's comments are a "welcome development".

Among metals, copper imports are expected to post a modest pickup even though demand remains sluggish.

Metal is now 40% below the bank’s analysts' expectations.