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.

EV sales in Australia are soaring — led by the almost-ubiquitous Tesla Model 3 — and more brands and models are arriving in the market.

The sector will require $7 billion of investment each year from now until 2028, Benchmark Mineral Intelligence said in a report.

The meeting between Musk and Widodo came after a round of discussions on a potential investment in Indonesia's nickel industry.

The London Metal Exchange plans to force members to regularly report details of their over-the-counter metals positions, substantially expanding its market surveillance capabilities.

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.

The approval has been needed since President Vladimir Putin April signed a bill requiring Russian companies to delist their depositary receipts abroad.