SP Angel . Morning View . Thursday 05 08 21
High premiums offered for battery raw materials
MiFID II exempt information – see disclaimer below
IGTV: China fearing failure in metals pricing tactic: https://youtu.be/RK4HQPrs60s
Evolution of Chinese construction and implications for commodity demand: https://youtu.be/jB2nURL8uPw
VOX Markets: 04/08/21: https://audioboom.com/posts/7918741-john-meyer-talks-about-china-cora-gold-kodal-minerals-power-metals-rambler-metals
Chaarat Gold (LON:CGH) – CEO change
Hummingbird Resources (LON:HUM) – Komana East Underground drilling results to extend life of mine at Yanfolila
Mkango Resources* (LON:MKA) – Mkango to acquire 100% of both Songwe Hill and Magnito & £5.5m raised
Power Metal Resources* (LON:POW) – Drilling continues at Silver Peak project
Versarien* (LON:VRS) – Results highlight progress in developing graphene applications in multiple initiatives
China prioritises eight industries in drive to improve industrial chains hampered by Covid and trade issues with the US in Hubei (SCMP)
Hubei province is making banks responsible for supporting key local industries and appointing bank executives to finance and manage supply chains for key industries
The province is to ensure that more comprehensive financial services are to be made available for core enterprises and small businesses in the designated sectors. Credit conditions of enterprises on the list should also be enhanced to facilitate loan approvals, and new fundraising channels may be available after government agencies obtain and review information concerning their transaction data, capital flows and logistics, according to the circular.
Eight industries are currently being prioritised, including automotive, aerospace and even tea production
Automotive,
Chemical industry chains
Aerospace,
Integrated circuits,
Crayfish farming and
Tea production.
The list will expand to include another 18 industries
18 more critical industries are to be added to the program.
The move is to prioritise supply-chain stability to ensure economic growth, job support and encourage more inbound foreign investment.
Additional credit will be made available for the designated sectors speeding up loans and opening up new funding channels.
Hubei province received some $3bn worth of financial support last year from central government a 51% increase on 2019.
Conclusion: The appointment of banking executives with responsibility for economic growth, jobs and foreign investment looks like a great initiative from Beijing. In a world were bankers are often blamed for frustrating economic activity, putting bankers into roles of provincial responsibility should encourage better and more communal decision making.
We also suspect there will be a few less Chinese bankers in circulation if their provinces miss their KPIs
China – State reserve holdings
According to Reuters analysts estimate China holds:
1.5-2mt of copper.
0.8-0.9mt aluminium
0.25-0.4mt zinc
7,000t cobalt
0t of tin or lead
China is also thought to hold stocks of antimony, indium, germanium and molybdenum oxide.
Coal is China’s principal power source accounting for 65% of total power generation
China called in April for the nation to stockpile >120mt of coal as well as setting a target of 400mt of commercial coal reserves with generators expected to hold 200mt, coal miners holding 100mt and coal distributors also holding 100mt.
India gold imports hit quarterly high as Delta variant wave calms
Imports of gold into India rose by 71% year-on-year over the past quarter, reaching 43.6 tons in July, a source familiar with the date has revealed to Bloomberg.
The increase comes as concerns over the pandemic has eased in the country causing restrictions to loosen on retail and the movement of people.
It is also expected that a 5% fall in local prices of the precious metal have contributed to the rise in imports.
Titan Co., a subsidiary of the Tata Group, said yesterday that it had seen consistent demand and new customers in its jewellery division.
The World Gold Council’s India representative, P.R. Somasundaram, suggested that a return of festivals and weddings in the country will contribute to strong gold demand in the second half of 2021.
The jewellery industry accounted for half of gold’s global demand in 2019, approximately 4,400 tonnes, with India one of the three largest consumers.
Copper miners express concerns over proposed Chilean royalty laws
A group of copper mining firms have requested lawmakers rewrite a controversial bill intended to tax sales of Chilean copper.
The rapidly rising price of copper this year has encouraged Chilean officials to seek to boost state revenue from the country’s vast resource of the red metal.
Giancarlo Mantos, the chief executive of Mantos Copper, warned that the bill would force the company to close several of its projects as higher taxes would reduce their profitability considerably.
The bill proposes to raise the base rate royalty on copper by 3%. It would also raise rates on lithium sales. Lawmakers have said the revenue would fund social programs to boost the Chilean economy following the devastation caused by the pandemic in the country.
Chile currently accounts for 28% of the world’s copper but declining ore grades and ageing projects have seen this market share dramatically reduce over the last decade.
Chile’s National Mining Society has described a hike in royalties as ‘akin to expropriation’.
Dow Jones Industrials -0.92% at 35,116
Nikkei 225 +0.52% at 27,584
HK Hang Seng -0.98% at 26,488
Shanghai Composite -0.31% at 3,476
Economics
JP Morgan global service index 56.3 9 in July vs 57.5 in June
Global composite eased 55.7 9 in July vs 56.6 in June
US – Preliminary jobs numbers disappointed on Wednesday despite a broader recovery in the economy.
ADP payrolls came in less than half of forecast levels with a moderation in hiring across a number of sectors including leisure and hospitality.
“July payroll data reports a marked slowdown from the second quarter pace in jobs growth… Bottlenecks in hiring continue to hold back stronger gains, particularly in light of new Covid-19 concerns tied to viral variants,” ADP commented on the data.
10y Treasury yields briefly dipped to as low as 1.13% following the release of the data only to bounce back and finish th day around 1.18%.
The report may see July NFP data coming in lower than previously expected with current estimates guiding for a 870k gain in payrolls last month, up on 850k reported in June.
ADP private employment reading rose 330k, half of the 680k seen in June and well below the 695k forecast.
Markit Services PMI 59.9 in July vs 64.6 in June
Composite PMI 59.9 in July vs 63.7 in June
ISM nonmanufacturing PMI 64.1 in July vs 60.4 in June
ISM prices sub index is at an extraordinary 82.3
Dollar rises as key Fed policymaker offers possibility of a 2023 rate rise
Fed Vice Chair Richard Clarida said that a move toward ‘policy normalization in 2023 would… be entirely consistent with our new flexible average inflation targeting framework’.
The senior policymaker also stated that he could ‘certainly’ see the Fed announcing a reduction in its colossal asset purchasing program this year as the U.S. economy continues to recover at rapid pace.
Dallas Fed President Robert Kaplan and St. Louis Fed President James Bullard also stated that they would be open to the possibility of tapering sooner rather than later.
The three announcements offer potential for a hawkish shift in the Fed’s strategy sooner than anticipated.
With more economic data due to be released in the coming weeks, the strategy debate within the Fed is set to heat up.
Inflation continues to run well above the 2% target set by Powell’s Federal Reserve, however policymakers have pointed to the 6.8m jobs lost during the pandemic as evidence for necessary continued fiscal support.
Clarida’s announcement marks a rare divergence among the central bank’s board of governors and committee.
Powell’s second in command’s comments have caused the gold price to ease on a stronger dollar.
Germany – Factory orders climbed in June amid stronger domestic demand for capital goods.
Orders from Germany climbed 9.6%mom while export orders were up just 0.4%mom.
Demand in the eurozone was up 1.3%mom and orders from the rest of the world were down 0.2%mom.
Factory Orders (%mom): 4.1 v -3.2 (revised from -3.7) in May and 2.0 est.
Industrial Production (%mom): 0.5 v -0.4 (revised from -0.3) in May and 0.5 est.
Services PMI 61.8 in July vs 57.5 in June
Composite PMI 62.4 in July vs 60.1 in June
UK – Travel rules have changed with France being removed from “amber plus” category and put back on to the “amber” list, FT writes.
People coming back from amber list countries who were fully vaccinated in the UK, the US and most European countries will not have to self-isolate upon arrival in the UK.
Germany will be added to the green list meaning nobody will need to isolate after returning.
Additionally, six other European countries were put on a green list including Austria, Norway, Slovenia, Slovakia, Latvia and Romania.
Four countries were moved from red to amber list including India, UAE, Qatar and Bahrain.
To the disappointment of travel companies, testing requirements on arrival that essentially increase total cost of travel remained in place.
Israel – One of the world’s most vaccinated nations is reinstating some restrictions amid an increase in Delta variant cases, FT reports.
Israel will require outdoor mask usage for large groups, send half of its public sector employees home and ask people to avoid unnecessary indoor gatherings.
Health Minister said the nation may have to impose a fresh lockdown over the coming High Holy Days in September should serious hospitalisation cases continue to increase.
New cases climbed to over 3,000 on Tuesday, up from a few dozen a day just a month ago.
The WHO called for a global moratorium on booster shots until at least 10% of people in every country gets vaccinated amid a severe shortage of vaccines in lower-income countries.
Japan – Services PMI 47.4 in July vs 48.0 in June
Composite PMI 48.8 in July vs 48.9 in June
China -Official nonmanufacturing Services PMI 53.3 (53.5 in June
Composite 52.4 in July vs 52.9 in June
Caixin services 54.9 in July vs 50.3 in June
Composite 53.1 in July vs 50.6 in June
India - Services PMI 45.4 in July vs 41.2 in June
Composite PMI 49.2 in July vs 43.1 in June
France - Services PMI 56.8 in July vs 57.8 in June
Composite PMI 56.6 in July vs 57.4 in June
Retail sales rose 1.2% 9 in June vs 6.9%
EU - Services PMI 59.8 in July vs 60.4 in June
Composite PMI 60.2 in July vs 60.6 in June
Retail sales rose 1.5% in June vs 4.1% in May, yoy 5% (8.6%) and
UK - Services PMI 59.6 in July vs 62.4 in June
Composite PMI 59.2 in July vs 62.2 in June
Brazil - Services PMI 54.4 in July vs 53.9 in June
Composite PMI 55.2 in July vs 54.6 in June
Hong Kong - Services PMI 51.3 9 in July vs 51.4 in June
Singapore - Services PMI 56.7 9 in July vs 50.1 in June
South Africa - Services PMI 46.1 9 in July vs 51.0 in June
Nigeria - Services PMI 55.4 9 in July vs 53.6 in June
Egypt - Services PMI 49.1 9 in July vs 49.9 in June
Currencies
US$1.1839/eur vs 1.878/eur yesterday. Yen 109.67/$ vs 109.08/$. SAr 14.393/$ vs 14.266/$. $1.391/gbp vs $1.394/gbp. 0.739/aud vs 0.741/aud. CNY 6.464/$ vs 6.460/$.
Commodity News
Precious metals:
Gold US$1,810/oz vs US$1,814/oz yesterday
Gold ETFs 100.6moz vs US$100.5moz yesterday
Platinum (AIM:ZERO) US$1,019/oz vs US$1,052/oz yesterday
Palladium US$2,653/oz vs US$2,666/oz yesterday
Silver US$25.36/oz vs US$25.69/oz yesterday
Base metals:
Copper US$ 9,460/t vs US$9,594/t yesterday
Aluminium US$ 2,580/t vs US$2,594/t yesterday
Nickel US$ 19,220/t vs US$19,370/t yesterday
Zinc US$ 2,974/t vs US$2,977/t yesterday
Lead US$ 2,371/t vs US$2,389/t yesterday
Tin US$ 34,735/t vs US$34,600/t yesterday
Energy:
Oil US$69.9/bbl vs US$72.4/bbl yesterday
Natural Gas US$4.149/mmbtu vs US$4.072/mmbtu yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$178.3/t vs US$176.7/t
Chinese steel rebar 25mm US$819.7/t vs US$814.5/t - Anglo American and Salzgitter agree to examine methods for low-carbon steelmaking
Anglo American and Salzgitter Flachstahl have signed a memorandum of understanding to assist each other in the path to decarbonisation in the steelmaking industry.
Central to this process will be the role of feed materials such as iron ore pellets and lump iron ores for direct reduction (DR) steelmaking using natural gas and hydrogen.
The news comes as steelmakers across the globe look to reduce their reliance on carbon-intensive blast furnace processes.
Anglo American’s CEO of Marketing, Peter Whitcutt, stated that the company is dedicated to ‘achieving carbon neutrality across (their) operations by 2040’.
Salzgitter’s SALCOS project has been developing technologies to reduce steelmaking’s carbon footprint, focusing specifically on reducing the industry’s reliance on coal-fired blast furnaces.
Direct reduction processing facilities require high-grade ores which are currently predominantly exported from Brazilian mines.
Thermal coal (1st year forward cif ARA) US$96.0/t vs US$95.5/t
Coking coal swap Australia FOB US$197.0/t vs US$198.0/t - China to restart more coal mines amid surging power demand
China’s top planning authority authorized more shuttered coal mines to restart production as policymakers seek to balance progress on climate goals against surging power demand.
Operations are set to restart at 15 coal mines across China’s northern provinces including Shanxi and the Xinjiang region.
The mines are expected to deliver as much as 44mt of coal, according to the NDRC.
Authorities last week announced the restart of 38 coal mines in Inner Mongolia.
Thermal coal prices have risen over 30% so far this year, leading to many Chinese power companies posting a loss in first half earnings results.
China Illmenite Concentrate TiO2 US$359.70/kg vs US$359.9/t
Other:
Cobalt LME 3m US$52,500/t vs US$52,500/t
NdPr Rare Earth Oxide (China) US$96,307/t vs US$97,906/t
Lithium carbonate 99% (China) US$13,460/t vs US$13,467/t –
We hear that significantly higher prices of >30% premiums are being offered spot shipments of lithium spodumene concentrate in the market.
China Spodumene Li2O 5%min CIF US$820/t vs US$810/t
Ferro-Manganese European Mn78% min US$1,758/t vs US$1,776/t
China Tungsten APT 88.5% FOB US$305/t vs US$305/t
China Graphite Flake -194 FOB US$515/t vs US$515/t
Europe Vanadium Pentoxide 98% 9.8/lb vs US$9.8/lb
Europe Ferro-Vanadium 80% 40.75/kg vs US$40.75/kg
Spot CO2 Emissions EUA Price US$64.5/t vs US$57.9/kg
Battery News
Chinese EV battery maker Gotion to invest in two lithium plants
Gotion has announced plans to build two plants in China’s Jiangxi province to produce over 100,000 tonnes of lithium carbonate pa.
VW has a 26.5% share in the Chinese battery maker which expects production at both sites to begin by the end of 2022.
Lithium carbonate prices are currently up 75% year-to-date in China as robust demand for EV batteries continues.
US company Damorphe to develop rare earth alloy for $1/kg hydrogen production
U.S. nanotechnology company Damorphe is working with partners to develop a hydrogen production technology using a rare earth oxide alloy dissolvable in water.
It expects the technology to deliver cheap clean hydrogen at a mere $1/kg.
The company currently plans to build a 1mt/day facility in California used for demonstrations of truck refuelling with hydrogen.
The technology will remove hydrogen production’s reliance on using steam methane reforming and electrolysis according to the company’s CEO, Carmine Battista.
Battista says the process can use salt water or sewage, making it the ‘greenest hydrogen in the world’.
Damorphe has emphasised the scalability of the technology and has stated its funding round is already oversubscribed.
At 1$/kg, the hydrogen refuelling would be cheaper than diesel for trucks.
The company has emphasised the wealth of U.S. domestic supply of the rare earths it uses in the process as supply chain concerns increase in the sector.
They plan to sell the technology close to cost with an aim to grow the industry and drive demand.
Battista believes Damorphe’s technology will allow the U.S. to overtake Europe in clean hydrogen developments.
Company News
Chaarat Gold (LON:CGH) 21p, Mkt Cap £145m – CEO change
Artem Volynets will step down by mutual agreement from his role as CEO and Executive Director with immediate effect moving into a senior adviser role.
Martin Andersson, Executive Chairman of the Group, will take over as interim CEO until a replacement is found.
The Company reviewed a number of potential candidates for the role and is in advanced discussions with a potential candidate.
As an adviser, Artem will focus on assist with M&A opportunities in the region and capital market activities.
Hummingbird Resources (LON:HUM) 21p, Mkt Cap £81m – Komana East Underground drilling results to extend life of mine at Yanfolila
The Company released drilling results from the northern extension of the Komana East ore body.
Selected intersections include:
1.3 m at 7.00 g/t from 242.7 m ( KEUGDD018)
3.4 m at 5.35 g/t from 231.6 m (KEUGDD022)
3.59 m at 5.17 g/t from 239 m (KEUGDD026)
7.9 m at 4.22 g/t from 248.1 m (KEUGDD029)
5.2 m at 3.83 g/t from 156 m (KEUGDD015)
4.4 m at 3.67 g/t from 251.6 m (KEUGDD025)
8.8 m at 2.87 g/t from 205 m (KEUGDD017)
2.2 m at 2.46 g/t from 249.8 m (KEUGDD027)
Drilling confirmed mineralisation continues to plunge to the north and is open down dip below limits of the current open pit resource.
2022 drill planning is already in progress to test further extensions to the high grade zones below current levels.
Results will be used in the PFS currently being put together to include KEUG into the future mine schedule.
The Company is planning to release updated Yanfolila reserves statement later this year.
Mkango Resources* (LON:MKA) 27.5p, Mkt cap £34m – Mkango to acquire 100% of both Songwe Hill and Magnito & £5.5m raised
Mkango reports that it has entered into an agreement with Talaxis whereby Mkango will acquire Talaxis' 49% interest in Lancaster Exploration Limited, which owns the Songwe Hill Rare Earths Project in Malawi and Talaxis' 24.5% interest in Maginito Limited which holds a 25% interest in rare earths magnet recycler HyProMag Limited for 54,166,666 Mkango shares – equivalent to £13m at the placing price.
On completion of the transaction, Mkango will own 100% of Lancaster and Maginito, in addition to its existing wholly owned interests in Mkango Polska, and three other exploration licences in Malawi, which includes the exciting Mchinji exploration project.
In addition, Mkango raised £5.52m from new and existing shareholders at a price of £0.24 per share, including a £700,000 investment by Non-Executive Chairman Derek Linfield.
The Company comments that the transaction with Talaxis provides a simplification of ownership structure that enhances optionality for Songwe Hill development funding, including the potential introduction of additional strategic investors and development partners.
Furthermore, restoring 100% ownership over Songwe Hill brings Mkango's structure in line with peers, providing greater transparency for investors while increasing ownership of Maginito to 100% provides greater exposure to HyProMag and the rare earth recycling market, which the board expects to have substantial growth potential.
Mkango expect the consolidation to provide greater integration between the mining, separation and recycling businesses and increasing synergies along the value chain.
On completion of the transaction, existing agreements between Mkango and Talaxis will be terminated, meaning Talaxis will no longer be required to finance the completion of a Feasibility Study for Mkango's Songwe Hill. Mkango will also enter into a lock-in deed with Talaxis which states that so long as the Noble Group owns 10% or more of Mkango's shares, Talaxis will be entitled to appoint a nominee to the board of the Company.
Following completion of the Transaction and the Placing, Talaxis' shareholding in Mkango will have increased from 11.3% to 32.6%.
*SP Angel act as Nomad and Broker to Mkango Resources
Power Metal Resources* (LON:POW) 2.15p, Mkt cap £25m – Drilling continues at Silver Peak project
Power Metal provides an update at its Silver Peak project in British Columbia, Canada – which includes the Eureka-Victoria Silver Mine.
To date 12 out of 25 planned diamond drill holes have been completed, with progress currently being made on the 13th hole.
The Victoria Vein has been intersected in all holes drilled to date, and visual inspection of core box photographs Power Metal has received, and from reports provided by the drilling team, the drill core obtained from the Victoria Vein is extremely oxidized, similar to outcrops of the Victoria Vein found within the upper and lower portals on the Project.
The level of oxidation is similar to samples collected by Power in 2020 which returned 0.50m of 14,937g/t Silver, 3.05% Cu and 11.95% Pb.
The portable drill rigs being utilized for the Phase-1 drill programme have obtained an average recovery of 90% across all holes, with minimal loss noted of 80% in one hole.
Power Metal expects Phase-1 drilling to completed by mid-August.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC (AIM:POW, FRA:2M5), commented: “The data collected from this programme will provide valuable information on the Project which will be critical as we prepare for our planned Phase II deep drilling programme targeted for late summer 2021."
Versarien* (LON:VRS) 35.15p, Mkt cap £68m – Results highlight progress in developing graphene applications in multiple initiatives
Versarien’s results statement highlights a number of new and ongoing significant initiatives in the development of graphene products for commercial markets.
Graphene offers the ability to enhance and transform many materials and components offering significant added value to their underlying products.
Graphene when applied to battery anodes appears to protect and enhance the quality of the anodes as demonstrated in testing by Versarien, Talga Resources and others.
As much of the Intellectual Property is contained in the formulation and application of the graphene as in the graphene material itself making the commercialisation of the technology all the more robust from a patent perspective.
Many of Versarien’s product initiatives are now beginning to come through in terms of commercial development.
HS2 contract: Versarien recent landed a major role in the HS2 project in the UK with the 3D printing of graphene enhanced concrete structures. The 3d printing process will reduce the carbon footprint of the structures, improve safety and cut costs while adding significantly to their strength (>40%).
Elastomers: Graphene is also shown to add 30% to tyre rubber stiffness. The process also adds 33% to wear resistance in outer soles for shoes.
The Printfrastructure technology developed by ChangeMaker3D is just one of many examples of Versarien’s critical role in the advance of local technology companies.
Versarien are also working with the MOD through its Total Carbide subsidiary on the development of lighter and stronger components for aerospace and wear resistant materials where the addition of graphene offers significant benefits.
Additional production capacity: Versarien are scaling up production capacity to >10tpa to meet expected demand and recently acquired the chemical vapour deposition graphene assets and IP from Hanwha Aerospace Company Limited, South Korea, for 11m Versarien valued at £4.34m. The team also acquired Spanish graphene manufacturing assets with capacity of ~100tpa.
This adds significant additional production capacity to the business which when combined with Versarien’s technical innovation should serve to rollout graphene into the wider marketplace.
Inks: Versarien has also placed orders for equipment produce an additional 12,000ltrs pa of graphene ink capacity highlighting expected growth in this area from a number of collaborative projects.
The team have bought two large scale systems for ink productionto raise ink production capacity to 3,000-15,000ltrs pa depending on the formulation of the ink.
Clothing: More recently a new Textile supply agreement was signed with Crosslete and management continue discussions a number of clothing manufacturers.
Versarien has trademarked GrapheneWearTM as part of its textile commercialisation.
Packaging: Versarien have also recently signed an agreement with one of the world’s largest packaging companies to evaluate graphene-based coatings.
Seats: Versarien are also developing lighter, flame-retardant seats for aerospace involving the dispersion of graphene in fibre reinforced polymer composites.
The process is being extended to include rail and automotive products to reduce weight and improve safety.
Results: The annual report highlights the progress made in winning new business and developing new opportunities
Versarien report results for the year to end March 2021.
The group reports revenue of £6.6m for the year vs £8.3m for 2020 highlighting the impact of the Lockdown environment.
Adjusted EBITDA loss rose to £1.8m vs £1.6m in 2020
Reported loss before tax of £8.1 million (2020: £4.7 million) after a non-cash share based payments charge in the year of £1.2 million (2020: £1.2 million) and a non-cash £3.3 million charge arising from a reduction in the IFRS 13 valuation of the Lanstead Sharing Agreement (2020: £1.0 million gain)
Cash holdings at rose to £2.4m vs £1.7m following the raising of £3.2m of cash in the year.
Losses rose slightly to £1.8m vs £1.6m a year earlier reflecting the high level of R&D in the graphene and plastic products side of the business.
Net asset value rose to £16.5m from £15.7m a year earlier.
Versarien also received a £2.26m of a £5m Innovate UK loan for rail arch project, a £1.95m development agreement from DSTL, the Defence, Science and Technology Laboratory of the MOD, and an EU Grant of €357,000 to Gnanomat for scale-up and development of electrode materials.
Post the March year-end Versarien also received a £1.93m strategic investment from Graphene Lab Limited including 5% royalty agreement and 2% trademark agreement on sales.
Conclusion: We believe UK innovation is leading the world in terms of the development, application and commercialisation of graphene. Versarien is leading the way in the careful formulation of the processes for incorporating graphene into graphene products and the team’s IP and know how are leading to the innovation which will help a broad range of collaborating UK companies to become world leaders in their product design and future sales.
*SP Angel acts as nomad and Broker for Versarien. An SP Angel analyst has visited Versarien graphene manufacturing facilities.
Recent Interviews:
BBC: Catalytic converters https://www.bbc.co.uk/sounds/play/p09jl6c9
*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.
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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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SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).
SPA is registered in England and Wales with company number OC317049. The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP. SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.
MiFID II - Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.
A full analysis is available on our website here https://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).
SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return of less than 15%