Aluminium inventories in London Metal Exchange warehouses, already at their lowest in nearly 17 years, are likely to fall further as more metal leaves the LME system and heads for Europe, where supplies are scarce.
Increased prices for fossil fuels have shifted the conversation, potentially benefitting oil and gas projects in Africa as importers scramble to diversify supply chains away from Russia.
In addition to ESG risks linked to its extraction, cobalt is at the top of the list because only two countries are in charge of producing and refining the battery metal.