Production is forecast to exceed usage by 467,000 metric tons in 2024, a significant upward revision from the expected 297,000 metric ton surplus from April.
The Minerals Security Partnership (MSP) formed last year by 14 governments aims to ensure adequate supplies of minerals such as lithium and rare earths to meet zero-carbon goals.
Investors on both sides of the Atlantic have been shifting positions in response to a potential downside break of a range that has defined the price action this year.