Vanishing LME shadow stocks add to metals market turmoil
Exchange stocks of aluminum, copper, lead, nickel, tin, and zinc haven't been this low since the last century, writes Andy Home.
Exchange stocks of aluminum, copper, lead, nickel, tin, and zinc haven't been this low since the last century, writes Andy Home.
Prices rallied to their highest since July 2007 while nickel surged nearly 8%, on worries over supply shortages.
Batteries account for about 30% to 40% of the price of an electric vehicle.
Commitments include public geoscience and exploration programs to help find the next generation of critical minerals deposits.
Copper futures on the Comex have been trading at a premium to those on the London Metal Exchange in recent weeks.
The short-term scenario is good for commodities, but in the medium term, a correction will be necessary, said Jose Carlos Martins.
General Motors will use cobalt from Glencore's Murrin Murrin operation in Australia in the batteries that power its EVs.
The deal is a major bet by Ford on direct lithium extraction (DLE), a relatively new breed of technologies that filter the metal from brines.
The news comes a week after IGO said its previous offer might fall through.
The real significance of invoking the DPA is that it elevates battery metals to the top of the US critical materials supply list, writes Andy Home.