SP Angel . Morning View . Monday 24 05 21
Steel prices pullback as China warns of speculation
Bluejay Mining* (LON:JAY) – Results highlight progress at Dundas project
Cora Gold (LON:CORA) – Selin drilling results
Rainbow Rare Earths* (Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF)) – Phalaborwa metallurgical testowrk indicate ~70% recoveries in leaching
SolGold* (LON:SOLG) – Positive drilling results from Tandayama America
Three Wuhan staff sought hospital care before Covid-19 outbreak disclosed (WSJ)
The Wall Street Journal reports this morning that three researchers from China’s Wuhan Institute of Virology sought hospital care in November 2019 – months before China disclosed the Covid outbreak.
The paper sites a previously undisclosed U.S. intelligence report, adding weight to the theory that the virus escaped from the laboratory.
The news comes on the eve of a meeting of the WHO’s decision over whether or not to investigate the next phase of a probe into the origins of Covid-19.
Industrial metals fall as China vows zero tolerance for futures violations
Chinese Authorities held a meeting with iron ore, steel, copper and aluminium producers in Beijing arguing collusion and speculation in commodity markets will not be tolerated.
The news saw steel prices dropping more than 5% and iron ore falling by close to the daily limit before steadying later in the session.
China has stepped up its campaign to try and keep a lid on raw materials prices, vowing severe punishment for violations ranging from excessive speculation to spreading fake news.
The government has said it is targeting ‘speculators and hoarders’, after calling leaders of top metals producers to a meeting on Sunday.
The National Development and Reform Commission’s statement against speculation is the toughest comment yet from the government, which begun warning about higher raw material prices in April (Bloomberg).
China’s factory gate prices rose at the fastest pace in more than three years in April, sparking concerns that higher raw material prices could hamper the economic recovery.
Chinese steel rebar futures were 3.2% lower by the close of the morning session on Monday, while hot-rolled coil prices fell 3.6% and iron ore dropped 4.7%.
Gold prices steady hit four-month high on weaker US$ and crypto sell-off
Gold prices steadied at the highest level in over four months on Monday morning, with sentiment improving in the precious metals space in part fueled by Bitcoin’s sharp fall during last week and the weekend.
Bitcoin has fallen over 21% in the last week, and down over 30% over the past month amid a large sell-off driven by comments made by the Chinese government that mining and trading bitcoin is illegal.
Crypto miners HashCow and BTC.TOP, have halted their China operations after Beijing intensified a crackdown on bitcoin mining and trading (Reuters).
Hedge fund managers increased their net-long gold positions to the highest level in 16-weeks, while gold-backed ETFs saw inflows in May- following three straight months of net outflows(Bloomberg)
Gold prices have risen for the third straight week on heightened inflation concerns and spikes in Covid-19 cases in countries.
The US dollar is at its lowest level in three months against the euro and other European currencies, making gold cheaper for holders of other currencies.
Dow Jones Industrials +0.36% at 34,208
Nikkei 225 +0.17% at 28,365
HK Hang Seng -0.29% at 28,377
Shanghai Composite +0.31% at 3,497
Economics
US – Composite PMI hit a record high on robust manufacturing sector performance and a series record high for the services industry in May.
The index surpassed April’s previous series record on unprecedented expansion in business activity across the country.
New orders climbed for the fifth month running in May on stronger customer confidence and the further reopening of the economy.
Export orders reported the strongest increase since the series covering both manufacturing and services started in Sep/14.
Input costs also increased to record high with higher costs for PPE, fuel, metals and freight amid significant supplier shortages.
Final goods and services inflation continued to climb hitting the highest since Oct/09.
Employment climbed for the 11th straight month, but the rate eased from April’s survey high.
Markit Manufacturing PMI: 61.5 v 60.5 in April and 60.2 est.
Markit Services PMI: 70.1 v 64.7 in April and 64.3 est.
Markit Composite PMI: 68.1 v 63.5 in April.
China - Beijing orders development of infrastructure projects with low returns to be slowed (SCMP)
China’s central bank pledged to prioritise financing support for the real economy and maintain “normal” monetary policy last week
The PBOC also reiterated its aim to keep macro leverage ratios stable
Power restrictions in Yunnan as drought hits hydropower hitting metals output
Eurozone – ECB President Christine Lagarde played down chances of a major shift in the current stimulus when policy makers meet next month, Bloomberg reports.
“Its far too early and its actually unnecessary to debate longer-term issues… our commitment to the euro area is to maintain favourable financing conditions throughout the whole pandemic period,” Lagarde told at a news conference in Lisbon on Friday.
Belarus – A leading opposition activist has been arrested in Belarus after President Lukashenko orders a fighter jet to escort a Ryanair flight with Roman Protasevich, 26, before the airplane was about to leave the nation’s airspace.
The flight was between Athens and Vilnius with Ryanair airplane instructed to divert to Minsk on a “potential security threat on board”.
No security issues were identified and authorities cleared the aircraft after ~7 hours on the ground in Minsk.
Protasevich who was placed on a terrorist watchlist and charged with three protest-related crimes, the most serious of which carries a sentence of up to 15 years in prison, was detained by authorities, FT reports.
Protasevich formerly worked in Nexta, one of the most followed Telegram channel in Belarus with more than a million of subscribers, that was covering authorities’ crackdown on hundreds of thousands of Belarusians that took to the streets following last year’s elections.
Crypto currencies – US Treasury now requires US$10,000 worth of crypto currency transactions to be reported to the IRS
EU - Consumer confidence improved only slightly to -5.1 in May vs -8.1 in April unsurprisingly
US - Existing home sales fell 2.7% in April to 5.85m units vs -3.7% in March at 6.01m units
Currencies
US$1.2196/eur vs 1.2218/eur last week. Yen 108.71/$ vs 108.72/$. SAr 13.920/$ vs 13.981/$. $1.416/gbp vs $1.418/gbp. 0.774/aud vs 0.774/aud. CNY 6.432/$ vs 6.435/$.
Commodity News
Precious metals:
Gold US$1,882/oz vs US$1,874/oz last week
Gold ETFs 100.8moz vs US$100.5moz last week
Platinum US$1,170/oz vs US$1,198/oz last week
Palladium US$2,783/oz vs US$2,833/oz last week
Silver US$27.73/oz vs US$27.66/oz last week
Base metals:
Copper US$ 9,884/t vs US$9,94/t last week
Aluminium US$ 2,339/t vs US$2,378/t last week
Nickel US$ 16,815/t vs US$16,835/t last week
Zinc US$ 2,925/t vs US$2,978/t last week
Lead US$ 2,169/t vs US$2,212/t last week
Tin US$ 29,200/t vs US$29,635/t last week
Energy:
Oil US$67.2/bbl vs US$65.1/bbl last week
Oil prices have risen in early trading today as a potential snag emerged in reviving the 2015 Iran nuclear deal that could add more oil supply
Prices fell almost 3% last week after Iran's president, Hassan Rouhani, said the United States was ready to lift sanctions on his country's oil, banking and shipping sectors
However, the speaker of Iran's parliament said over the weekend that a three-month monitoring deal between Tehran and the U.N. nuclear watchdog had expired and that its access to images from inside some Iranian nuclear sites would cease
European diplomats said last week that failure to agree an extension of the monitoring deal would plunge wider, indirect talks between Washington and Tehran on reviving the 2015 Iran nuclear deal into crisis
Those talks are due to resume in Vienna this week
Former President Donald Trump withdrew the United States from the deal in 2018 and re-imposed sanctions
Further bullish sentiment through the confirmation that the number of global commercial flights has more than doubled since this time last year, while US traveller throughput has jumped six-fold since May 2020, suggesting that global jet fuel demand is starting to lift off
The US Transportation Security Administration (TSA) has been screening more than 1 million passengers at American airports every day since the middle of March
Most recently, 1,850,531 passengers travelled on 16 May, up from just 253,807 passengers on the same day last year
This figure is still off the 2,620,276 passengers who boarded airplanes on 16 May 2019, but numbers have been steadily rising in recent weeks
In addition, the number of commercial flights globally stood at 71,728 on 16 May, more than double the 29,843 flights on the same day in 2020, according to data from global flight tracking services
The number is still below the 2019 figure of 119,993 commercial flights, but it is much more than the worst months for air travel in the spring of last year
The recovery of global aviation fuel demand is expected to be the slowest among all fuels, and a return to pre-pandemic levels is unlikely at least until 2023
US jet fuel demand is rising along with an increase in domestic air travel, the Energy Information Administration (EIA) announced earlier this month
However, a full recovery to the pre-pandemic levels would take place when most long-haul flights return
Since long-distance flights consume more aviation fuel than shorter fights, the reopening of international travel and quarantine-free vacations abroad will be a big boost to jet fuel demand when this happens at some point later this year
Recently, signs emerged that there could be an opening for the summer holidays
In Europe, the European Commission proposes that the European Union (EU) allow entry for non-essential travel for anyone who has received the last dose of an EU-approved vaccine at least two weeks before arrival
Natural Gas US$2.849/mmbtu vs US$2.968/mmbtu last week
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$191.4/t vs US$201.0/t
Chinese steel rebar 25mm US$804.0/t vs US$833.3/t
Thermal coal (1st year forward cif ARA) US$78.7/t vs US$78.4/t
Coking coal swap Australia FOB US$151.0/t vs US$144.0/t
Other:
Cobalt LME 3m US$43,650/t vs US$43,650/t
NdPr Rare Earth Oxide (China) US$75,018/t vs US$74,981/t
Lithium carbonate 99% (China) US$12,594/t vs US$12,665/t
China Spodumene Li2O 5%min CIF US$640/t vs US$640/t
Ferro-Manganese European Mn78% min US$1,750/t vs US$1,754/t
China Tungsten APT 88.5% FOB US$270/t vs US$270/t
China Graphite Flake -194 FOB US$505/t vs US$505/t
Europe Vanadium Pentoxide 98% $8.05/lb vs $8.0/lb
Europe Ferro-Vanadium 80% $35.75/kg vs $34.75/kg
Battery News
Tesla cars banned from Chinese government compounds over security concerns
Staff at some Chinese government offices have been told not to park their Tesla cars inside gov compounds due to security concerns over cameras installed on the vehicles, Reuters reports.
Offices in Beijing and Shanghai have banned the vehicles, with other agencies set to follow.
In March, Tesla vehicles were banned from entering some military complexes in China, citing security concerns over vehicle cameras.
Ofgem invests £300m into EV charging network
The Office of Gas and Electricity Markets (Ofgem) has invested £300m into expanding the UK’s EV charging network.
The department’s investment has invested the £300m to install 1800 new charge points across motorway service stations and trunk road locations.
“This £300m down payment is just the start of building back a greener energy network which will see well over £40bn of investment in Britain’s energy networks in the next seven years,” Ofgem CEO, Jonathan Brearley.
Ofgem research has found that 36% of UK households that do not intend to get an electric car are put off making the switch by a lack of charging points near their home.
The investment into the EV charging network will “help to increase this number even further [than the 500,000 EVs on UK roads] as drivers continue to make the switch to cleaner, greener vehicles.”
BASF and RWE partner for new climate-friendly technology
The two German-based giants are collaborating on plans for making industrial energy production more sustainable and future-proof.
The project envisions a 2GW offshore wind farm providing the BASF Ludwigshafen chemical site with clean energy to enable the CO2-free production of hydrogen.
The plans also involve the electrification of basic chemicals production processes, which are currently reliant on fossil fuels.
Utilising CO2-free technologies such as electrically heated steam cracker furnaces could see around 3.8 million metric tons of CO2 emissions avoided every year.
To advance the joint project, the CEOs of BASF and RWE (ETR:RWE) have signed a letter of intent covering the wide-ranging cooperation for the creation of additional capacities for renewable electricity and the use of innovative technologies for climate protection.
Company News
Bluejay Mining* (LON:JAY) 9.1p, Mkt cap £88m – Results highlight progress at Dundas project
BUY - Valuation 37.7p
Much has been going on at Bluejay’s Dundas project through the lockdown whit .
2020 milestones:
Dundas mining license awarded for initial 30-years subject
Offtake agreement signed with major Asian Conglomerate for minimum 250,000-340,000tpa of ilmenite (75%) production
Further offtake discussions expected to place remaining 100,000tpa of planned ilmenite production
Approval of the Environmental ‘EIA’ and Social Impact Assessments 'SIA' received
Approvals for the Navigational Safety received for Dundas
JV earn-in agreement with Rio-Tinto in Finland on licenses around the former Enonkoski polymetallic mine
LoI from US EXIM Bank for the capital requirements of the Dundas Project. Discussions also ongoing with other lenders and export credit agencies.
Up to 707mt of independently verified ilmenite-rich beach-sand resource to add to the 11-year mine life based on the defined 67.1mt JORC reserve in the PFS.
Dundas optimisation to add value through lower operating costs along with addition of renewable energy generation and other energy efficient initiatives
Pilot ilmenite concentration plant in Canada for Rio Tinto Iron & Titanium smelter test to be used to facilitate other customers
Other exploration
Thunderstone Project added in South Greenland
Disko-Nuussuaq project shows positive geochemistry
Kangerluarsuk exploration license awarded next to the Black Angel zinc-lead-silver mine
Finland exploration programme accelerated through Rio Tinto jv at Enonkoski.
Drilling at the old Hammaslahti copper mine is looking for repeating structures.
Chairman's Statement highlights:
New government in Greenland is pro-mining and pro-exploration and pro-mining but remain anti uranium.
The government of Greenland waved exploration commitments for 2020 and 2021 and continues to express its support for the Dundas project.
Financials:
Bluejay spent £2.5m in 2020 vs 2.3m in 2019 despite making significant advanced on the Dundas project.
Expenses include optimisation of Dundas and exploration in Finland
The group posts a £2.3m attributable loss for 2020 vs a £1.8m loss in 2019
Conclusion: Bluejay is making strong progress in optimising and advancing the Dundas ilmenite project towards capital financing and production. The exploration projects also continue to advance with drilling in Finland and analysis of geophysical data in Greenland.
*SP Angel act Nomad and broker to Bluejay. The analyst has previously visited the Enonkoski mine site in Finland. The analyst recently bought shares in Bluejay Mining.
Cora Gold (LON:CORA) 8.0p, Mkt Cap £16m – Selin drilling results
The Company continues to release drilling results from the 35,000m programme at the flagship Sanankoro Gold Project in southern Mali.
Selected drilling results include:
19m @ 4.0 g/t Au from 13m o including 7m @ 8.86 g/t Au in hole SC0333
17m @ 2.82 g/t Au from 47m o including 1m @ 27.77 g/t Au in hole SC0342
11m @ 2.29 g/t Au from 44m in hole SC0339
11m @ 2.02 g/t Au from 13m in hole SC0347
15m @ 1.96 g/t Au from 31m in hole SC0340
The team completed 132 holes for over 13,000m of drilling so far with a second RC rig to be mobilised to site in coming weeks to accelerate the programme that is planned to be completed by end Jul/21.
Capital Drilling has also commenced diamond core 2,000m geotechnical drilling programme.
The programme is focused on step out as well as infill drilling to convert existing Inferred Resources into the Measured and Indicated categories.
The Sanankoro MRE currently stands at 5.0mt at 1.6g/t for 265koz (all Inferred).
The Company agreed a conditional $21m mandate and term sheet with investment firm Lionhead Capital Advisors to fund development of the project With one of conditions cinluding the completion of a DFS by the end of 2021.
Conclusion: Drilling extends mineralisation by 400m along strike in the north end of the deposit while infill holes return higher grade intersections.
Rainbow Rare Earths* (Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF)) 14.93p, Mkt Cap £71m – Phalaborwa metallurgical testowrk indicate ~70% recoveries in leaching
(Rainbow hold 70% of Phalaborwa with 30% to be held by Bosveld Phosphates. There is currently no BEE requirement as this is a retreatment processing operation)
Rainbow Rare Earths report initial metallurgical results on the Phalaborwa rare earths tailings project in South Africa.
The testwork shows the ‘phosphogypsum is amenable to simple, direct, leaching with low cost sulphuric or hydrochloric acid without pre-treatment:’
‘Initial recoveries of rare earths of greater than 70% have been achieved within 24 hours’
‘Production of high value products (mixed rare earth carbonate or separated rare earth oxides) will be possible from the leach solution.’
‘The phosphogypsum contains exceptionally low levels of radioactive elements uranium and thorium when compared to other rare earth projects:;
The leached phosphogypsum residue left over after the leaching process should be suitable for normal tailings disposal avoiding the need for multiple tailings facilities and reducing the environmental footprint in an ecologically sensitive area.
The process flow sheet should be simplified from the process developed and tested by Sasol, the South African chemicals company.
Mining costs will be negligible while processing costs are also expected to be relatively low when compared with other rare earth projects.
The phosphogypsum residue is already in chemical form making it easier to process and without costs associated with cracking and the removal of uranium and thorium.
Test work has been carried out by ANSTO, the Australian Nuclear Science and Technology Organisation which is well respected for its work on complex mineral processing.
The ANSTO work confirms the presence of an already 'cracked chemical feed’ and the potential to use a “simple 24-hour acid leach process at ambient temperature and pressure”.
The composite sample was composed of 10 samples from around the gypsum stacks.
The test work indicates sulphuric acid will likely be used as the liquid medium for hydrometallurgical processing in preference to hydrochloric acid due to higher capital costs associated with the use of the stronger acid.
Sulphuric acid and hydrochloric acid tests initially indicated ~70% REE recovery rates in the sample.
The phosphogypsum has <1Bq/g of radionuclides present, which is in line with the IAEA International guidelines for exemption from regulations pertaining to radioactivity.
‘Further work is planned to confirm the leach characteristic variability of the stacks to support a preliminary economic assessment for the Phalaborwa project. Further optimisation and processing development work will then be undertaken prior to the completion of a full feasibility study.’
Conclusion: Rainbow is advancing process testwork and process flow sheet design at Phalaborwa. So far the work looks promising indicating Phalaborwa May potentially become the world’s lowest cost rare earth producer.
*SP Angel act as broker and financial advisor to Rainbow Rare Earths
SolGold* (LON:SOLG) 29p, Mkt Cap £657m – Positive drilling results from Tandayama America
SolGold has released results from the first seven holes of its programme at the Tandayama America (TAM) porphyry copper target located approximately 3km north of its 2.7bn tonnes Alpala project where pre-feasibility work is underway and expected to be completed late in 2021.
As with Alpala, the TAM project is located within the 85% owned Cascabel licence area with mineralisation covering “an area 750m long by 500m wide, and extending from surface to a depth of over 1,200m”.
Mineralisation is understood to remain open at shallow depths towards the northwest and towards the southeast to unknown depths as well as to unknown depths beneath the current area of drilling.
The company confirms that it plans on further drilling to define “the extent of mineralisation towards the northwest, the southeast and at depth where the deposit remains open”.
Among the results highlighted in today’s announcement are:
A 531m long intersection in Hole TAD-20-001 averaging 0.20% copper and 0.13g/t gold (0.30%copper equivalent or CuEq) from a depth of 220m and including a 272m long section from 350m at an average grade of 0.29% Cu and 0.19g/t Au (0.44% CuEq); and
A 487m long intersection in hole TAD-20-002 averaging 0.12% copper and 0.10g/t gold (0.20% CuEq) from a depth of 202m; and
A 1,040m long intersection in hole TAD-20-003 averaging 0. 24% copper and 0.11g/t gold (0.33% CuEq) from a depth of 252m including a higher grade section of 350m averaging 0.34% copper and 0.15g/t gold (0.45% CuEq)from 632m depth; and
A 364m long intersection in hole TAD-20-004 averaging 0. 21% copper and 0.08g/t gold (0.28% CuEq) from a depth of 690m, including 312m at an average grade of 0.23%Cu and 0.09g/t Au from 742m dept ; and
A 426m long intersection in hole TAD-20-005 averaging 0.25% copper and 0.16g/t gold (0.37% CuEq) from a depth of 218m, including 342m from 230m depth at an average grade of 0.29%Cu and 0.19g/tAu (0.43% CuEq); and
A 358m long intersection from a depth of 76m in hole TAD-20-006 at an average grade of 19% Cu and 13g/t Au (0.29%CuEq) including 160m averaging 32%Cu and 22g/tgold (0.49% CuEq) from 200m depth; and
A 522m long intersection in hole TAD-20-007 averaging 0.26% copper and 0.16g/t gold (0.38% CuEq) from a depth of 202m and including 230m averaging 0.28%Cu and 0.22g/tAu (0.44%CuEq) from 276m depth.
The company confirms that results from holes 8-10 are pending that drilling is continuing in holes 9 and 10 of the programme.
An NI43-101 compliant mineral resources estimate for the TAM project is expected later in 2021 and the continuing 2021 drilling programme is expected to focus on
the definition of “the northwest and southeast limits of mineralisation amenable to bulk surface mining methods”; and
Defining “the depth extent and character of mineralisation with potential amenability to bulk underground mining methods”; and
“infill drilling to increase drill density and geological confidence”.
Drill sections included in the PDF version of the announcement 5559Z_1-2021-5-24.pdf (londonstockexchange.com) show steeply dipping mineralised structures similar to those at Alpala while photographs of drill core show similar mineralised porphyry stockwork mineralisation. The similarities are not necessarily unexpected given TAM’s proximity to Alpala but they demonstrate that, using the expertise developed in the exploration of Alpala, Solgold’s exploration team is effective at defining mineralisation in this environment which should prove beneficial to exploration budgets.
Conclusion: The TAM prospect is only one of a number of promising targets within Solgold’s Cascabel licence area. With initial drilling results showing extensive mineralisation in the early holes and the limits of the mineralised envelope still to be defined Solgold’s initial mineral resources estimate for TAM, planned for later this year, is likely to provide insights not only into the potential of TAM itself but to the potential of the wider Cascabel licence area as well.
*SP Angel act as Financial Advisor to SolGold.
Recent Interviews:
VOX Markets: 20/05/20: https://audioboom.com/posts/7872691-john-meyer-mining-analyst-and-partner-at-sp-angel-talks-about-bitcoin-gold-and-bluejay-mining
28/04/20: https://www.voxmarkets.co.uk/media/60896b3f017903524c8e0936/?context=/listings/LON/BMN/multimedia/
IGTV: Improved global economic forecasts from the IMF provides trading opportunities: https://www.youtube.com/watch?v=_GXKPqzuCG0
VW expansion driving battery metals prices: https://youtu.be/7vqSrONBaWw
*SP Angel almost invariably acts as nomad or broker or nomad and broker to companies mentioned in the above videos and podcasts.
We speak more about these companies as we have a good understanding of their business and can talk with a greater degree of confidence. As ever, however, it should be noted that our views do not take into account the circumstances and needs of any particular investor or investor type. So enjoy the talks, but please do your own research, including other companies not mentioned by us but operating in the same areas, and get professional advice where appropriate.
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
Joe Rowbottom – Joe.Rowbottom@spangel.co.uk - 0203 470 0486
Sales
Richard Parlons –Richard.Parlons@spangel.co.uk - 0203 470 0472
Abigail Wayne – Abigail.Wayne@spangel.co.uk - 0203 470 0534
Rob Rees – Rob.Rees@spangel.co.uk - 0203 470 0535
Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471
SP Angel
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35-39 Maddox Street London
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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