Syrah expects more graphite buys ahead of China export ban

The downstream steel demand has been continuously recovering, said a senior analyst at Mysteel.

EV motors represent around 12% of global magnet consumption with Tesla accounting for 15-20% of the sector's demand.

In November, Canada had asked three Chinese companies to sell their stakes in Toronto-listed lithium explorers following a national security review.

At least four major smelters are planning to deliver between 23,000 and 45,000 tons of refined copper in total to LME depots in Asia.

BHP last month reported a steeper-than-expected 32% fall in first-half profit.

Commodities from copper to iron ore fell after China set a cautious economic growth target of about 5% for the year.

"Some market participants with long positions liquidated their positions today to lock profits," analyst says.

China has built up stakes in more than two dozen Canadian mining companies, including some of the industry’s biggest names.

Kazakhstan's largest copper producer and miner KAZ Minerals will also participate in the project.