SP Angel . Morning View . Monday 13 02 23
Gold whipsaws in volatile trade as investors wait for direction from US CPI data tomorrow
MiFID II exempt information – see disclaimer below
Atlantic Lithium Limited (AIM:ALL, OTCQX:ALLIF, ASX:A11) 40.13p, Mkt Cap £244m – Ricca Resources Pre-IPO placement
East Star Resources PLC (LSE:EST) 4p, Mkt Cap £6.58m – Drill results from Apmintas, Kazakhstan
Freeport-McMoRan Inc (NYSE:FCX) $42, Mkt Cap $60.5bn - Freeport suspends work at Grasberg on flooding in Indonesia
Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTCQX:GALKF) 27p, Mkt Cap £27m – Loan agreement
Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF) * 13p, Mkt Cap 36m – £3.5m funding to progress Songwe Hill in Malawi and recycling business in Europe
Rockfire Resources PLC (LSE:ROCK) 0.19p, Mkt Cap £2.6m – Results from geotechnical drilling at the Molaoi zinc project.
Shanta Gold Limited (AIM:SHG, OTC:SAAGF) 11.3p, Mkt Cap £118m – Singida on course for first gold pour next month
Vulcan Energy Resources Ltd (ASX:VUL, OTC:VULNF, ETR:VUL) A$6.64, Mkt Cap A$952m – Phase One DFS highlights post-tax IRR of 26% and capex of €1.5bn
Indaba / 121 Mining Investment Conference Highlights –
(The 121 Mining conference is rebooked for the same location in 2023 in the glorious gardens of the Welgemeend Farmstead on the slopes of Table Mountain)
- A huge turnout with >1,000 investors, traders, and assorted money lenders this year at the 121 Mining Investment Conference.
- I asked the catering manager how they were going to cope. The manager, local lady, said she had given up even trying as the numbers in attendance were so far ahead of anything they had planned for.
- Companies were exhausted through so many 121 presentations.
- Ghana Day seminar at the main Indaba also proved to be another popular event.
- We were proud to see the Minister of Mines highlight the $20-30m investment in Atlantic Lithium by the MIIF, Ghana Sovereign Wealth Fund
- Country days used to be poorly attended affairs, but this was a sell-out with standing-room only and well worth attending.
- The Low points:
- Load shedding: Eskom load shedding seemed timed to coincide with the daily death of our cell phones, making battery backup indispensable.
- The unintended consequence of the load shedding is that the quality of Cape Town water supply is not what it was, so avoid: ice, shellfish, and salads.
- The 121-tent air-con gave out for a couple of hours on the first day, leading to a few sweaty meetings with the engineers winning by the afternoon.
- British Airways have proven why they are not the world’s best airline yet again with three lavatories out of action and no gin on their 737.
Vanadium - Turkey - Rebuilding will require a lot of vanadium hardened structural steel
- We are incredibly sorry to see the suffering caused by so many collapsed buildings in Turkey and Syria.
- This was a huge series of earthquakes by any standards, but we are still shocked to see the total collapse of so many concrete apartment blocks.
- Earthquake resistant building structures generally use substantially more structural steel and far less heavy concrete than seen in pictures from the worst affected areas.
- We hope Turkey and Syria will ensure the use of earthquake-resistant designs as they rebuild their devastated cities.
Copper exploration spending rises over 20% in 2022 to the highest level since 2014.
- Research by S&P Global Market Intelligence, reported by the industry website, Mining.Com ( CHART: Copper exploration budgets jump, but major discoveries elusive - MINING.COM ) says that overall exploration budgets for copper rose by 21% in 2022 to almost US$2.8 billion which is described as “the highest level since 2014” but says that, increased exploration spending in recent years has “not led to a meaningful increase in the number of recent major discoveries”.
- Citing the opening of Anglo American’s new Quellaveco mine in Peru and Zijin Mining’s Timok mine in Serbia, which was discovered in 2011, and the forthcoming start of the Udokan mine in Russia and Rio Tinto’s underground expansion at Oyu Tolgoi, “S&P Global sees a market surplus over the next three years (–285kt this year) but after this bulge in additional tonnes coming online, the pipeline narrows substantially, with a nearly 400kt undersupply in 2026”.
- Enthusiasm for copper exploration was reflected at last week’s well-attended 121 Mining Conference in Cape Town where around 100 companies, including some 20 companies with major copper exploration or development projects presented to investors. These included, amongst others, BeMetals* which is exploring for copper in Zambia, Central Copper Resources (DRC & Zambia), Empire Metals* (Australia), Kefi Gold & Copper* (Ethiopia & Saudi Arabia) and Sandfire Resources (Australia, Botswana & Spain).
- Attendees at the conference reported full schedules of meetings for both investors and presenting companies and an optimistic atmosphere for the industry’s future.
*SP Angel act as broker to BE Metals, nomad and broker to Empire Metals and Nomad to KEFI Gold and Copper.
Gold whipsaws in volatile trade as investors wait for direction from US CPI data tomorrow
- Gold prices climbed to $1,865/oz this morning before subsequently falling to $1,856/oz.
- The metal is seeing limited volume in trading as investors wait for tomorrow’s US CPI date as a guide for the Fed’s future rate hike programme.
- The dollar has been ticking up alongside US Treasury yields, both of which operate in an inverse fashion to gold prices traditionally.
- The weaker the US CPI print comes in, the higher gold is expected to move. However, if inflation comes in hotter than expectations, analysts expect the dollar to rally in a more conclusive sign of the Fed’s ‘higher for longer’ intentions, weighing on bullion.
- Economists expect US CPI to climb 0.4% this month, with previous data being revised upwards for December.
- The Fed Funds target as expected by the market has risen to c.5.2% vs 4.9% as recently as last month, before the shock non-farm payroll data came in.
Nickel - Trafigura to book US$557m charge on nickel cargoes from Indian trader that didn’t contain much, if any, nickel. Oops!
- We suspect Trafi will consider this just another cost of doing business as industry sources suspect they have been playing fast and lose with their due diligence and the quality of their counterparties. The investigation will continue but Trafigura are likely continue just the same.
Vale Indonesia begins construction at $2.5bn ferronickel smelter
- Vale has begun groundworks at its Bahodopi project in Indonesia.
- The smelter is set to produce 73-80kt of nickel pa.
- The Company hopes to complete construction efforts within 2.5yrs.
- It has a JV with China’s Baowu Steel.
- Vale are also developing a 120kt mixed hydroxide precipitate project in Indonesia to supply the EV battery chain.
Dow Jones Industrials +0.50% at 33,869
Nikkei 225 -0.88% at 27,427
HK Hang Seng -0.01% at 21,188
Shanghai Composite +0.72% at 3,284
Economics
US - Preliminary Uni of Michigan consumer sentiment index rose to 66.4 in February vs 64.9 in January marking significant improvement
China - PPI -0.8% yoy in January vs -0.7% in December
- CPI 0.8% in January vs 0% in December and 2.1% yoy in January vs 1.8% yoy in December
- Vehicle sales fell 35% yoy in January vs -8.4% in December
- Total social financing was CNY 5,980bn in January vs CNY1,310bn in December
Japan - Jan Japanese PPI 0% 0.7% in December yoy 9.5% (10.5% in December
Switzerland – CPI rises to 3.3% yoy in Jan, 0.6% mom vs 0.5% expected
Canada – Unemployment grows 150k in Jan, unemployment rate unch. At 5%
UK - Industrial production rose 0.3% in December vs 0.1% in November and -4% yoy in December vs -4.3% yoy in November
- Manufacturing output 0% in December vs -0.6%), yoy -5.7% in December vs -5.6%).
Everyone is taking about recession, but nobody is talking about the billions of pounds spent on helping the UK through its Covid crisis
- Much of this money is still moving through the economy and distorting otherwise poor economic performance.
- Be it via Michelle Mone who appears to have made a bundle out of her political connections in the sale of allegedly unusable PPE products
- Or by the thousands of fraudsters who scammed the Treasury over Covid loans intended to support small businesses.
UK government looks to speed up approvals for nuclear power and offshore wind farms (The Times)
- Local opposition continues to delay large scale schemes aided by complex planning regulations.
- Delayed power schemes is is pushing back new back new power generation, affecting energy security and holding back economic growth
- The time for approval on new projects has risen by 65% over the past 10 years indicating a worsening of the problem.
- The government is looking to approve eight new nuclear reactors over the next 10 years, mostly the new RR mini reactor designs.
- The Sizewell C nuclear power project took seven years to approve.
- The Hornsea wind farm was delayed by a further five months last week, a critical delay at a time when the UK and Europe desperately need more renewable power.
- UK onshore wind farm applications will remain difficult to permit.
- Tough planning rules will likely continue to push developers towards the US where the Biden Administration are offering significant incentives for new energy development.
All UK rivers fail chemical standards with 84% missing ‘good ecological status’
- If this is the state of UK rivers, we dare not guess how bad river water quality is like in China.
India - Industrial production dipped 4.3% in December vs 7.1% yoy in November
- Manufacturing output 2.6% yoy December vs 6.1% yoy in November
Turkey – Erdogan government being blamed for lack of action in rescuing earthquake survivors
- Erdogan swept to power in1999 following a powerful earthquake which killed 17,000 in Izmit in the West of Turkey.
- Public anger over the replacement of experienced agency officials with ministers’ relatives and cronies could turn public opinion against the Erdogan who is blamed for inaction in rescuing survivors from collapsed buildings.
Currencies
US$1.0677/eur vs 1.0730/eur last week. Yen 132.41/$ vs 130.40/$. SAr 17.792/$ vs 17.792/$. $1.205/gbp vs $1.211/gbp. 0.692/aud vs 0.695/aud. CNY 6.827/$ vs 6.802/$.
Dollar Index 103.71 vs 103.10 last week.
Commodity News
Precious metals:
Gold US$1,871/oz vs US$1,868/oz last week
Gold ETFs 93.0moz vs US$93.0moz last week
Platinum US$943/oz vs US$961/oz last week
Palladium US$1,519/oz vs US$1,627/oz last week
Silver US$21.93/oz vs US$22.21/oz last week
Rhodium US$12,100/oz vs US$12,100/oz last week
Base metals:
Copper US$ 8,878/t vs US$8,960/t last week
Aluminium US$ 2,441/t vs US$2,484/t last week
Nickel US$ 26,982/t vs US$27,595/t last week
Zinc US$ 3,025/t vs US$3,115/t last week
Lead US$ 2,078/t vs US$2,110/t last week
Tin US$ 27,349/t vs US$27,700/t last week
Energy:
Oil US$85.55/bbl vs US$86.1/bbl last week
- Crude oil prices settled back over the weekend following Russia’s announcement that it would reduce production levels by 0.5mb/d from March in retaliation for the Western sanctions.
- The US Baker Hughes rig count was up 2 to 761 rigs last week (+20% y/y), with oil rigs up 10 to 609 units and gas rigs down 8 to 150 units, as a looming oversupply environment continues to weigh on gas producers.
- The EIA currently forecasts average FY23 US crude production to grow 5% y/y from 11.9mb/d to 12.5mb/d and for gas production to increase 2.2% y/y from 98.1bcf/d to 100.3bcf/d in 2023.
- Ineos announced it has raised €3.5bn financing from commercial banks and government agencies to support the construction and operation of an ethylene cracker with the lowest carbon footprint in Europe.
- Galp announced plans to sell its upstream assets in Angola, which produced 10.4kb/d last year, for $655m on completion and up to a further $175m in contingent payments due in 2024 and 2025 dependent on Brent prices.
Natural Gas US$2.533/mmbtu vs US$2.468/mmbtu last week
Uranium UXC US$50.50/lb vs US$50.50/lb last week
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$125.1/t vs US$124.0/t
Chinese steel rebar 25mm US$618.1/t vs US$620.0/t
Thermal coal (1st year forward cif ARA) US$133.0/t vs US$140.0/t
Thermal coal swap Australia FOB US$192.0/t vs US$228.0/t
Coking coal swap Australia FOB US$325.0/t vs US$325.0/t
Other:
Cobalt LME 3m US$38,920/t vs US$38,920/t
NdPr Rare Earth Oxide (China) US$106,446/t vs US$107,467/t
Lithium carbonate 99% (China) US$61,089/t vs US$61,989/t
China Spodumene Li2O 5%min CIF US$5,970/t vs US$5,970/t
Ferro-Manganese European Mn78% min US$1,325/t vs US$1,327/t
China Tungsten APT 88.5% FOB US$333/mtu vs US$333/mtu
China Graphite Flake -194 FOB US$865/t vs US$885/t
Europe Vanadium Pentoxide 98% 9.9/lb vs US$9.7/lb
Europe Ferro-Vanadium 80% 38.25/kg vs US$37.75/kg
China Ilmenite Concentrate TiO2 US$345/t vs US$346/t
Spot CO2 Emissions EUA Price US$94.6/t vs US$94.7/t
Brazil Potash CFR Granular Spot US$510.0/t vs US$510.0/t
Battery News
Company News
Atlantic Lithium Limited (AIM:ALL, OTCQX:ALLIF, ASX:A11) 40.13p, Mkt Cap £244m – Ricca Resources Pre-IPO placement
- Atlantic Lithium report that Ricca Resources which was demerged from Atlantic Lithium on 21st December 2021 is undertaking a private placement ahead of its intended listing on the Australian Stock Exchange.
- Ricca is offering A$7m worth of shares at A$0.175 to give a market capitalisation of A$32.4m
- Ricca holds licenses along significant structural trends in the Ivory Coast alongside a potential new gold province in Chad.
- The Ricca team have an earn-in agreement for up to 50% of Atex and Alliance Lithium-Tantalum Project and the adjacent Alliance exploration licenses which is currently under application.
- The company also has a drill-ready gold target in Liberia and a strategic partnership to advance a lithium-tantalum project also in the Ivory Coast.
- Ricca also holds investments in Tolu Minerals in PNG and Australasian Metals Limited, Australia.
- Ricca plans to list on the ASX in H1 2023 with the closing date of the Ricca pre-IPO private placement has been extended to Friday, 24 February 2023.
- See further details at: https://www.riccaresources.com.au/presentations
*SP Angel acts as Nomad to Atlantic Lithium
East Star Resources PLC (LSE:EST) 4p, Mkt Cap £6.58m – Drill results from Apmintas, Kazakhstan
- East Star reports diamond drilling results from its Apmintas Licence on the Chu-Ili Orogenic Gold Belt in Kazakhstan.
- Anomalous gold was confirmed across all targets, with the Company noting potential economic grade in the Eshkilitau II and Southern Shabdar targets.
- Drilling at Eshkilitau II offers potential for a mineralised system across over 1km of strike.
- Gold intersections from the drilling included highlights of:Southern Shabdar:
- 3m @ 1.43g/t from 49m
- 4m @ 1.57g/t from 72m
- 3m @ 2.11g/t from 186m
- Eshkilitau II
- 31m @ 1g/t from 61m
- 4m @ 2.35g/t from 59m
- 31m @ 1.27g/t from 24m
- The Company is currently completing detailed structural logging to progress the next stage of its exploration programme.
Freeport-McMoRan Inc (NYSE:FCX) $42, Mkt Cap $60.5bn - Freeport suspends work at Grasberg on flooding in Indonesia
- Freeport-McMoRan has temporarily halted mining and processing activities at its Grasberg mine.
- The giant copper mine was hit by debris and flooding following heavy rains and landslides.
- The Company reports its milling complex has been damaged.
- Freeport noted it expects Q1 sales to be lower than guidance of 900mlb Cu and 300koz Au but has not offered updated guidance.
- The Company hopes to resume operations by end of February.
Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTCQX:GALKF) 27p, Mkt Cap £27m – Loan agreement
- The Company agreed a £347k loan to fund the initial lease payment for the Gairloch Project in Scotland.
- The loan is with Melquart, a London based family office and a 28.5% shareholder in the Company, carries a 12% interest (payable upon repayment of the loan) and is payable in 24 months.
- Melquart will also be issued 100,000 warrants in Galantas exercisable into one common share in the Company for a period of 24 months at an exercise price equal to the closing price on the TSX Ventures Exchange as of February 10 (C$0.40 / 25p)
*SP Angel act as Broker to Galantas Gold
Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF) 13p, Mkt Cap 36m – £3.5m funding to progress Songwe Hill in Malawi and recycling business in Europe
- The Company conditionally raised £3.5m (£3.3m net) issuing 28m new shares at 12.5p to progress the Songwe Hill Rare Earths Project as well as rare earth magnet recycling business with HyProMag in Europe.
- Following finalisation of the fundraise, the Company will invest €2.5m in HyProMag GmbH, a subsidiary of HyProMag Ltd, developing a production facility in Baden-Württemberg State, Germany.
- This unlocks €3.7 in matched funding grants assisting project development that will have a minimum capacity of 100tpa NdFeB (neodymium, iron, boron) comprising recycled rare earth sintered magnets, alloy pellets and powders with first production targeted for 2024.
- In return, Mkango through its subsidiary, Maginito Limited, will increase its interest in HyProMag to 66.8% if the loan facility is converted.
- The facility in Germany is similar size to the £4.3m project being developed by HyProMag Limited and the University of Birmingham at Tyseley Energy Park in the UK with first production targeted for H2/23.
- The Company remains in close discussion with potential lenders and strategic investors for project funding of the Songwe Hill Rare Earths Project.
- Government is finalising Mine Development Agreement that will set mining license terms and conditions for the Songwe Hill Project representing a key milestone ahead of project funding and start of development works.
- The strategy is to kick start mining operations development for production of mixed rare earth carbonate in Malawi with the downstream processing project in Poland to be developed and funded separately.
- The team is continuing to evaluate financing options to complete the Pulawy Separation Project feasibility study.
Conclusion: The team successfully raised £3.5m to develop hard rock mining project in Malawi and recycling business in Europe. Additional funds will help the team to progress with its well diversified strategy focused on development of both primary and secondary supply of rare earth oxides capitalising on increasing demand for permanent magnets.
*SP Angel acts as nomad and broker to Mkango Resources
Rockfire Resources PLC (LSE:ROCK) 0.19p, Mkt Cap £2.6m – Results from geotechnical drilling at the Molaoi zinc project.
- Rockfire Resources has released further details of its geotechnical drilling at the wholly-owned Molaoi zinc project in Greece where it has now completed a further two holes and where a fourth hole is in progress.
- The drilling is “designed to gather geotechnical information along a 1.5km strike length of the orebody to assist with the selection of an appropriate mining method and mine design for safety”.
- The company explains that drilling has encountered massive-sulphide mineralisation in holes MOGTK002 and 003A including “some of the strongest visual mineralisation so far at Molaoi being encountered in MO_GTK_003A”.
- Assay results are not included in the announcement but, according to CEO, David Price, will be provided to the market “as they are received”.
- The holes are sited “approximately 100m apart, along a 1.5km strike … [to] …. ensure that the full length of the zinc resource is tested for underground mining geotechnical parameters, as well as crushing/grinding work index studies”.
- Today’s announcement follows the company’s announcement, in January, that the first hole of the programme had intersected the ‘Main Lode’ over an interval of 7.13m at an average grade of 11.3% zinc, 1.4% lead and 50g/t silver from a depth of 130.62m and several deeper and narrower zones of mineralisation.
- Currently, based on historical exploration drilling, the Molaoi deposit hosts a JORC (2012) compliant inferred resource of 2.3mt at an average grade of 9.4% zinc, 1.7% lead and 47g/t silver (reported as 11% Zinc equivalent grade).
- Rockfire Resources also confirms that a “site visit has been completed by SRK Consulting (UK) Ltd, who are working with the Rockfire team to ensure best practice methodologies are being implemented for the collection of data to support ongoing studies”.
Conclusion: Rockfire Resources’ latest drilling at Molaoi has continued to intersect zinc mineralisation and assay results are awaited. The company has previously said that it is aiming to produce a revised mineral resource estimate and move into feasibility studies by the end of 2023. We await the assay information with interest.
Shanta Gold Limited (AIM:SHG, OTC:SAAGF) 11.3p, Mkt Cap £118m – Singida on course for first gold pour next month
- The Company released Singida development status update highlighting the start of production next month.
- Construction is 93% complete with all essential equipment is now on site.
- ROM stockpile now reached 127kt at an average grade of 3.34g/t covering four months of production with ~32kt of crushed ore available already providing the feed for the first month of processing plant ramp up process.
- Tailings Storage Facility liner installation is on track for completion in March.
- Hot commissioning of the mill circuit planned for the second half of this month with full plant hot commissioning targeted for March.
Conclusion: Singida Gold Project construction is nearing completion with first gold due next month. The $40m project hosts 2.5mt at 3.02g/t for 242koz in reserves and is planned to deliver 32kozpa at ~$890/oz AISC (although, those are a couple of years old and are likely to be revised higher) over an initial seven year mine life. The project is set to take Group output to +100kozpa helping to diversify the production base.
Vulcan Energy Resources Ltd (ASX:VUL, OTC:VULNF, ETR:VUL) A$6.64, Mkt Cap A$952m – Phase One DFS highlights post-tax IRR of 26% and capex of €1.5bn
- Vulcan Energy has published results from its Phae One DFS on their geothermal lithium brine extraction project at the Upper Rhine Valley Brine Field in Germany.
- The team have revised their Phase One DFS and are targeting:
- 24,000t pa LHM ‘Lithium Hydroxide Monohydrate’
- >300GWh/a renewable power, >250GWh/a renewable heat production
- NPV8: €3.9bn pre-tax, €2.6bn post-tax
- IRR 34% pre-tax
- IRR26% post-tax
- Revenues of >€700mpa
- EBITDA margin of 84%.
- LMH price forecast $30,283/t average based on Fastmarkets price estimates.
- CAPEX €1,496m
- OPEX of €4,359/t LHM.
- Payback 3.5-year payback for the integrated project starting production end-2025
- Net zero per tonne estimated LHM carbon footprint - a world first for the lithium industry
- Lithium Resource: 26.6Mt LCE ; the largest JORC-compliant lithium Resource in the EU.
- Phase One Proven and Probable Reserves to 0.54Mt LCE
- Low water consumption at just 1.36t of water per tonne of LHM produced
- Vulcan pilot plant has been running since April 2021 and has completed >13,000 hours of operation on brine from production wells in the core Phase One area.
- The test work supports the use of DLS ‘Direct Lithium Sorption’ technology as used by Albemarle on concentrated lithium brines in the Atacama, Chile.
- The process also uses VULSORB™, Vulcan’s, in-house lithium extraction sorbent, which has been integrated into DFS.
- A second pilot plant is to operate at a higher pressure using a simplified design to enable capital and operating cost savings in the DFS.
- Vulcan now has ~280 personnel in-house with Hatch Ltd. is managing the bridging engineering.
- Vulcan has binding lithium hydroxide offtake agreements with Stellantis, Volkswagen, Renault, LG Energy Solution and Umicore.
Conclusion: Vulcan’s 280-person team is working hard to optimise, re-optimise and fully engineer the process for the refining of Lithium Hydroxide Monohydrate. While the current DFS is not at the 40,000tpa level the very strong demand for green-lithium in Europe will continue to drive interest and financing from European sources.
No.1 in Copper: “The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an accuracy score of 93.8%”
No1. In Gold: “SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”
The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020
Analysts
John Meyer – John.Meyer@spangel.co.uk – 0203 470 0490
Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484
Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk - 0203 470 0474
Sales
Richard Parlons –Richard.Parlons@spangel.co.uk - 0203 470 0472
Abigail Wayne – Abigail.Wayne@spangel.co.uk - 0203 470 0534
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Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471
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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)
+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.
Sources of commodity prices
Gold, Platinum, Palladium, Silver - BGNL (Bloomberg Generic Composite rate, London)
Gold ETFs, Steel - Bloomberg
Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt - LME
Oil Brent - ICE
Natural Gas, Uranium, Iron Ore - NYMEX
Thermal Coal - Bloomberg OTC Composite
Coking Coal - SSY
RRE - Steelhome
Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite - Asian Metal
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