China’s path-setting lithium futures tumble on trading debut

Scorching gains for lithium threaten to push costs even higher for Chinese battery makers.

CATL last month announced plans to build a second European EV battery plant in Hungary, investing 7.3 billion euros in partnership with Mercedes-Benz.

The recently or soon-to-be completed plants will emit about 140 million tons of CO2 a year in total.

The dollar index dropped after Japan intervened in the currency market to shore up the battered yen for the first time since 1998. 

Benchmark prices in Shanghai have climbed to a premium of more than $43 an ounce over their London equivalent, the highest since 2019.

There is also the potential to continue mining beyond 2037 if the inferred resource can be upgraded, Silvercorp said.

Country has sufficient oil to last at least 18 years at current rates of production.

Copper prices are down more than 20% this year as covid-related shutdowns in China, surging power prices in Europe and ongoing inflation in the U.S. and elsewhere hurt demand.

The haul for August was 68% higher than a year ago and included a record amount of coal.