SP Angel . Morning View . Tuesday 19 10 21
Cash Copper breaks $11,000/t as Manganese hits record high of >$9,000/t
Anglo Asian Mining* (LON:AAZ) - BUY – 180p – 4.5c special dividend
BeMetals (CVE:BMET) –– Drilling commences at South Mountain, Idaho
Condor Gold* (LON:CNR) – BUY, valuation 102.5p – Progress of the La India feasibility study
Hochschild (LON:HOC) - Hochschild to spin off rare earth assets
Rambler Metals and Mining* (LON:RMM) – BUY, fair value 10.7p - Ming mine underground drilling programme demonstrates grade and width improvements at depth
SolGold* (LON:SOLG) – Tandayama-America initial resource estimate
Recent interviews
IGTV: 08/10/21: How high energy prices are pushing up metals: https://youtu.be/em4zwo2i4Cs
VOX Markets: 07/10/21: https://audioboom.com/posts/7956216-john-meyer-on-chinese-energy-issues-and-news-from-altus-strategies-bushveld-minerals-scotsgold
Copper breaks through $11,000/t as supply limits intensify
The spread between cash and LME copper futures surged to a massive $1,000/t yesterday, a premium last seen in 1994.
Spot copper jumped 7.2% overnight to $11,299.50/t with high premiums expected to bring more metal into the LME from private storage.
Manufacturer restocking of inventories to meet strong demand is thought to be driving demand as is supply chain disruption caused by Covid-related port delays and port congestion.
LME on-warrant copper stocks hit a multi-decade low on Friday of 14,150t. but have since risen to 21,050t.
The Peruvian blockade at key Las Bambas mine has added pressure to currently limited supplies.
Glencore halted zinc smelting in Europe on gas/high energy prices
Glencore is to cut output at three European smelters by up to 50%.
Global car industry under threat from China’s magnesium shortage – as if a lack of semiconductor chips wasn’t enough!
Magnesium, the key ingredient for aluminium alloys in vehicles is facing a supply crisis as China’s power continue.
35% of downstream magnesium demand is for automotive sheeting with stockpiles at critically low levels.
China produces 85% of global magnesium production causing the cost of Magnesium imports to Europe to rise 75% to $9,000/t - a record high.
Producers of autosheet are limited by a lack of available power in China and may also struggle to source raw aluminium if smelter restrictions persist.
35/50 of Shaanxi’s magnesium smelters have been ordered to close until 2022 with the rest ordered to slash production by 50%.
Dow Jones Industrials -0.10% at 35,259
Nikkei 225 +0.65% at 29,216
HK Hang Seng +1.44% at 25,777
Shanghai Composite -0.70% at 3,593
Economics
China - Retail sales rebounded to 4.4% yoy in September vs 2.5% in August
Unemployment 4.9% vs 5.1% in August
Industrial production fell 3.1% yoy vs 5.3% in August
Capacity utilisation 77.1% vs 78.4% in August
Fixed asset (non-rural) 7.3% ytd, yoy vs 8.9% for the year to August
19 Chinese banks deemed ‘too big to fail’ to be subject to stricter regulatory requirements amid rise in bad loans
China is ramping up efforts to protect the state and its people from what it says is as rise in bad loans that is coinciding with a national economic slowdown.
19 banks, referred to as ‘systemically important banks’, will be required to increase their capital requirements by 0.25 to 1 percentage points.
Mid- to lower-tier banks will face the biggest policy changes, having to add additional capital-requirement buffers that were usually concerns for bigger banks.
The new regulation will take effect on the 1st of December, and comes amid growing concerns that property curbs and financial risks could spread across markets.
Chinese property slump continues through September
Property developers’ investments fell 3.5% in China in September vs last year.
Home sales by value slid 16.9%.
Floor area of new construction projects started that month fell 13.5%.
Both home sales and new construction projects had already seen steep declines in August, falling 19.7% and 17% respectively.
The yield on BofA’s high-yield Chinese company bond index rose above 23% last week, marking a decade high and fuelling major concerns over the state of the property market.
Primary aluminium output fell 2.4% mom and 2.1% yoy to 3.08mt (National Bureau of Statistics)
The basket of 10 nonferrous metals fell 1.2% mom and -1.6%yoy to 5.23mt
US – Manufacturing production falls -0.7% in September on chip shortage and Hurricane Ida
Manufacturing output off 0.7% (0.2%), yoy 4.8% (5.9%),
Production at US factories fell by the most in seven months in September as supply constraints continued to affect growth.
Manufacturing production was also weighed down by the effects of Hurricane Ida, which severely disrupted mine output.
Industrial production fell -1.3% in September, due to a -2.3% drop in mining and -3.6% drop in utilities.
Production at auto plants fell -7.2% after falling -3.2% in August, as the global chip shortage forces automakers to cut production.
Motor vehicle assembly dropped to an annualized rate of 7.78 million units, the lowest since April 2020.
Capacity utilisation was 75.2% vs 76.4% in August.
The Oct NAHB housing market index was steady at 76.
Peru community plan to continue roadblock at MMG’s Las Bambas mine
Failed negotiations with the Peruvian government have triggered the roadblock of a key access route to Las Bambas.
The protestors plan to run the blockade indefinitely. Las Bambas is the 4th largest copper mine in Peru, the world’s 2nd largest producer.
Roadblocks of the ‘mining corridor’ have taken place over 300 days since 2016.
The Peruvian government struck a deal with a separate group at the mine 2 weeks ago.
*One of our analysts has direct experience of a peaceful Peruvian protest outside a major gold mine in Peru
Currencies
US$1.1650/eur vs 1.1587/eur yesterday. Yen 113.98/$ vs 114.26/$. SAr 14.573/$ vs 14.684/$. $1.378/gbp vs $1.374/gbp. 0.747/aud vs 0.740/aud. CNY 6.404/$ vs 6.433/$.
South Africa – Rand likely to collapse as nation moves to bail out bankrupt municipalities
News 24 in South Africa Out of Order index suggests another 43 municipalities in South Africa are close to financial collapse.
This is on top of the 87 municipalities which have been red-flagged by the ANC government.
Commodity News
Precious metals:
Gold US$1,779/oz vs US$1,766/oz yesterday
Gold ETFs 98.5moz vs US$98.6moz yesterday
Platinum US$1,056/oz vs US$1,053/oz yesterday
Palladium US$2,071/oz vs US$2,067/oz yesterday
Silver US$23.66/oz vs US$23.34/oz yesterday
Rhodium US$14,100/oz vs US$14,200/oz yesterday
Base metals:
Copper US$ 10,335/t vs US$10,312/t yesterday
Aluminium US$ 3,208/t vs US$3,184/t yesterday
Nickel US$ 20,325/t vs US$20,035/t yesterday
Zinc US$ 3,733/t vs US$3,778/t yesterday
Lead US$ 2,392/t vs US$2,356/t yesterday
Tin US$ 38,780/t vs US$37,730/t yesterday
Energy:
Oil US$84.8/bbl vs US$85.4/bbl yesterday
Natural Gas US$5.006/mmbtu vs US$5.150/mmbtu yesterday
Uranium UXC US$48.1/lb vs $47.2/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$121.8/t vs US$120.6/t - Iron ore futures rise on falling shipments from miners
Dalian iron ore futures reversed 4 consecutive days of losses today, rising 1.1% to $111.26/t.
Iron ore shipments from Brazil and Australia fell 589,000t to 23.54mn from last week.
BHP has recorded declining output of 5% in first quarter as maintenance work at Jimlebar hits. BHP has not changed its annual production outlook.
Rio Tinto downgraded its iron ore output forecast as labour restrictions hit.
Steel rebar futures rose 0.5% whilst coking coal rose 3%.
Chinese steel rebar 25mm US$901.5/t vs US$899.7/t
Thermal coal (1st year forward cif ARA) US$144.0/t vs US$159.0/t
Thermal coal swap Australia FOB US$242.0/t vs US$245.0/t
Coking coal swap Australia FOB US$371.0/t vs US$371.0/t
Other:
Cobalt LME 3m US$56,545/t vs US$56,500/t
NdPr Rare Earth Oxide (China) US$95,6455/t vs US$94,900/t
Lithium carbonate 99% (China) US$27,015/t vs US$26,892/t
China Spodumene Li2O 5%min CIF US$1,210/t vs US$1,190/t
Ferro-Manganese European Mn78% min US$2,056/t vs US$1,999/t
China Tungsten APT 88.5% FOB US$310/t vs US$310/t
China Graphite Flake -194 FOB US$555/t vs US$555/t
Europe Vanadium Pentoxide 98% 7.9/lb vs US$7.9/lb
Europe Ferro-Vanadium 80% 31.25/kg vs US$31.25/kg
China Ilmenite Concentrate TiO2 US$383/t vs US$382/t
Spot CO2 Emissions EUA Price US$68.7/t vs US$68.4/t
Battery News
UK - £10bn of green deals in pipeline to fund regeneration, government claim
The British government says that it has attracted nearly £10bn from global investors to fun its green regeneration agenda, ahead of the COP26 global climate summit.
Prior to the summit, the government has announced a £6bn offshore wind deal with Iberdrola as well as net zero carbon warehouses and decarbonisation technology for the waste industry.
Recycling and renewable energy group Viridor said it planned to invest up to £1bn in decarbonisation technology across five UK sites, aiming to be the first net zero waste company by 2030.
Budweiser and Protium, the energy services company, will spend more than £100m to deploy green hydrogen at the brewery in South Wales.
LG and Stellantis to launch battery joint venture in US
LG Energy Solutions and automaker Stellantis are set to launch a $3.4bn joint venture to build a battery manufacturing facility in the US as the companies target the fast-growing North American EV market.
The two companies have signed an MoU to manufacture lithium-ion battery cells and modules in the US.
The JV plans to break ground on the new plant in the second quarter of next year with an aim to start production by the first quarter of 2024.
The facility will have an annual production capacity of 40GWh, raising LG’s total capacity in North America to 150 GWh.
BP and Equinor to use Vestas 15MW turbines for US Offshore projects
Empire Offshore Wind, a joint venture between Equinor and BP, has chosen Vestas as the preferred supplier for the turbines for the 2.1GW Empire Wind 1 and Empire Wind 2 offshore wind projects off the coast of New York.
Vestas will provide 138 V236-15.0MW turbines for the two projects.
This is one of the largest preferred supplier agreements to be announced in the USA, a spokesperson for Vestas said.
The project is step towards the US target of 30GW of offshore wind capacity by 2030 and New York State’s goal of 9GW by 2035.
Iberdrola to commit £6bn to UK offshore wind hub
Spanish energy leader, Iberdrola will commit £6bn to subsidiary ScottishPower’s 3GW East Anglia Hub off the UK’s east coast – the groups largest project investment globally.
The £6bn investment in the “Hub”, which is subject to securing planning consent for East Anglia 1 North and 2, as well as Contracts for Difference for all three “Hub” projects – planning permission for the 1.4GW East Anglia 3 has already been approved.
Iberdrola chief executive Ignacio Galan has confirmed the funding is in addition to the £10bn UK investment being made by Iberdrola between 2020-2025 to double renewable generation capacity.
East Anglia Hub could support up to 7000 jobs during development, construction and operations, as well as significantly support the UK supply chain.
Subject to the outcome of the planning considerations, construction of the East Anglia Hub is expected to commence in 2022, with completion in 2026.
Company News
Anglo Asian Mining* (LON:AAZ) 116p, Mkt Cap £132m – 4.5c special dividend
BUY – 180p
CLICK FOR PDF
Anglo Asian report an interim dividend of 4.5c per ordinary share in respect to the year ending 31 December 2021.
The interim dividend is to be paid on 4 November 2021 to shareholders on the share register on 8 October 2021.
*SP Angel acts as Nomad and Broker to Anglo Asian Mining
BeMetals (CVE:BMET) – C$0.25, Mkt cap C$44m – Drilling commences at South Mountain, Idaho
BeMetals has commenced exploration drilling from surface at its high-grade South Mountain Zinc-Silver-Gold-Copper Project in southwest Idaho, USA.
The program is designed to further test the down depth extent of mineralization at the DMEA Zone with the objective to significantly expand the scale of the current Mineral Resource Estimate at South Mountain.
The DMEA Zone is the largest known body of mineralization on the Property, containing the majority of tonnage in the current MRE, and the mineralized zone remains open at depth.
BeMetals intend to complete approximately 2,100m of surface core drilling in order to update the current MRE and an ongoing Preliminary Economic Assessment for the Project in 2022.
Since 2019, BeMetals has completed two phases of underground core drilling at the Property for a combined total of approximately 5,000m, all of which has been incorporated into the current MRE for South Mountain.
The current 2021 MRE at South Mountain is:
M&I: 187,650t @ 9.63% Zn, 151 g/t Ag, 2.19 g/t Au, 1.01% Pb and 0.63% Cu – representing a 21.8% increase to the M&I tonnage from the historical 2019 MRE.
Inf: 756,300t @ 7.63% Zn, 196 g/t Ag, 1.40 g/t Au, 0.97% Pb and 0.81% Cu – representing a 129.5% increase in inferred tonnage from the historical 2019 MRE.
Condor Gold* (LON:CNR) 36.95p, Mkt cap £50m – Progress of the La India feasibility study
Valuation 102.5p
Click here for Initiation note pdf
Condor Gold has provided a progress report on the feasibility study for its La India development in Nicaragua reporting that it expects to publish the findings of the study during Q1 2022.
The company explains that a number of the key components of the study are now complete including the process plant design, the hydrological surface water study and the design of the tailings storage facility.
Metallurgical work is now over 95% complete and a draft report is scheduled by the end of October and assays from the infill drilling programme have been received allowing the preparatory interpretative work on geological structure, lithology and weathering profiles, which is now around 80% complete, ahead of an updated minerals resources estimate.
The company also says that following completion of approximately 1,700m of geotechnical drilling to aid pit design, the company’s consultants, SRK, “indicated that an additional 690m of oriented core drilling, followed by televiewer logging, will be required to meet FS level confidence. Completion of the drilling and logging is expected by mid November, with televiewer inspection to be conducted upon completion of each hole”.
The parallel work-streams “will bring the level of confidence for the Project to the industry standard of engineering design, in order to support +/- 15% capital and operating cost estimates”.
Describing features of the various aspects of the study the company explains that:
Work is underway to establish capital and operating costs and sourcing estimates for the process plant; and
The site-wide water balance is complete with a report due by the end of October to help understand the impact of intense short periods of rainfall on the mine infrastructure and the local community; and
Metallurgical testing has confirmed the earlier results indicating 91% recovery rates and has also shown that “a 40 hour retention time in the leach circuit is advisable and has also demonstrated the potential for lower reagent consumption, retaining the 75 micron size recommended in the PFS”; and
The recently completed 3,370m of infill drilling covering initial mill feed “is expected to improve the confidence in the model associated to this period”; and
The work on updating the mineral resources estimate and the geotechnical work will be used to develop the final pit designs.
Condor Gold confirms that the recommended additional geotechnical drilling started on 4th October with a second rig deployed “during the week of October 18 in order to expedite the process”.
Condor Gold is currently reviewing a draft report on the tailings storage facility consisting of “the geotechnical characteristics of the foundation area for the dam, assessment of the seismic hazard potential, FS level construction drawings, and summary reports. This report will be submitted to the Government of Nicaragua following completion of the overall FS”.
Reporting that “Several key studies have been completed or are near completion” Chairman and CEO, Mark Child, confirmed that “there are no negative surprises and the Project continues to be materially de-risked, nearing a shovel ready status”.
Conclusion: Key aspects of the feasibility study for La India have already been completed and the findings of the full study are expected to be available in Q1 2022. The study will aid in de-risking the technical, operating and financial aspects of the project and we look forward to learning its findings.
*SP Angel act as a broker to Condor Gold
Hochschild (LON:HOC) 151,7p, Mkt cap £775m - Hochschild to spin off rare earth assets
South American precious metals miner Hochschild plans to spin off the rare earths project it bought two years ago and list the new company in Canada.
The new company, Aclara, is based in Chile and was bought for about $56m in 2019.
Aclara is an ionic clay rare earth project which will produce heavy rare earth elements (HREE) Terbium and Dysprosium.
Dysprosium and Terbium have been proven to complement LREE in order to enhance performance to operate permanent magnets at higher temperatures
The new entity will raise money at the time of listing to fund development, with Hochschild maintaining a 20% stake in the business.
Last month, the company laid out plans in an investor presentation saying it would start mining rare earths from about 2023, with the option to bring on more supply from 2027.
Rambler Metals and Mining* (LON:RMM) 23.5p, Mkt cap £27.7m – Ming mine underground drilling programme demonstrates grade and width improvements at depth
(Rambler owns 100% of the Ming Copper-Gold Mine)
BUY - Fair Value 10.7p
CLICK FOR PDF
Rambler Metals and Mining reports that it has now completed 94% of its planned underground drilling programme at the Ming mine with 14,258m of the planned 15,200m now completed.
Drilling of 3 of the 4 target areas is now complete with the programme on the Lower Footwall Zone (LFZ) between the 510-535 levels previously reported and 12 of the 18 completed holes on the LFZ between 735-760 levels now assayed and drilling of the Ming North Zone also complete and assays received for 5 of the 21 holes drilled.
We note that the company drilled two more holes than originally planned into the LFZ between 735-760 level completing a total of 5,518m compared to an originally planned 4,800m.
We speculate that the additional drilling relates to the intersection of “narrow (2-3m wide) high-grade mineralization in an area with no previously modelled mineral resource. This new discovery will be analyzed and modeled as further assay results are returned”.
Among the results from the LFZ highlighted in today’s announcement are:
An intersection of 20.60m at an average grade of 1.80% copper, from a depth of 238.70m in hole R21-620-10, including 5.30m at an average grade of 2.98% copper from the top of the intersection; and
An intersection of 27.50m at an average grade of 3.30% copper, from a depth of 248m in hole R21-620-11, including 8m averaging 3.71% copper from 248m depth; and
An intersection of 23m at an average grade of 2.13% copper, from a depth of 229 m in hole R21-620-12 including 7m averaging 3.75% copper from the top of the intersection; and
An intersection of 67.87m at an average grade of 1.94% copper, from a depth of 216.13m in hole R21-620-17, including 7m averaging 2.82% copper from 218m, 9m averaging 2.76% from 244m and 15m averaging 2.16% copper from 267m depth.
Drilling of the Ming North Zone targeted mineralisation in the Ming North Lower Lens and the results “exceeded our expectations based on earlier block models. We believe our new drill results will improve block model grades in the next mineral resource update”.
The Ming North Zone drilling “also tested the extension of the Ming North Lower zone at depth … and has confirmed our interpretation of high-grade mineralization to at least the 900L”.
Results from the Ming North Zone highlighted today include:
9.19m at an average grade of 3.57% copper from a depth of 51.81m in hole R21-785-12 which also included intersections of 1.03m averaging 2.37% copper from 27.89m depth and 1.29m averaging 1.28% from 68.71m depth; and
48.59m averaging 6.30% copper in the “Icing Zone” from a depth of 245.73m in hole R21-785-17
The Icing Zone “(as in the icing on a cake, with the cake being the Ming North Lower Lens)” is located in the hanging wall of the Ming North Zone and “has been sparsely drilled as focus to date has been on expanding the known mineralization at depth. A follow-up program to test the extents of the Icing Zone is planned for early 2022”.
Drilling of the Upper Footwall Zone below the 790 level is due to start in the current quarter.
Noting that the recent drilling had improved the company’s confidence in its near-term production plans, President & CEO, Toby Bradbury, also said that “We have stated before that Ming Mine improves in scale and grade with depth and the drilling we are doing is confirming that”.
He also said that “We have also begun expanding the resource base further with 1,300 metres of step-out exploration drilling completed in 5 holes to date. Another 6,000 metres is planned in 15 holes to be completed in Q4”.
We consider that the results demonstrate the relatively underexplored nature of the Ming mine with the current programme starting to reveal the mine’s potential.
Conclusion: Drilling is vindicating expectations of improvements to grade and mineralised widths at depth in the Ming mine. With the original drilling campaign 94% completed the company is now planning an additional 6,000m in the current quarter to maintain the momentum of the programme. We look forward to the remaining assay results from the completed drilling and further news from the continuing drilling.
*SP Angel act as Nomad and broker to Rambler Metals & Mining
SolGold* (LON:SOLG) 27.7p, Mkt Cap £635m – Tandayama-America initial resource estimate
Solgold has issued an independently verified mineral resources estimate for the Tandayama-America deposit which lies within its Cascabel licence area in northern Ecuador and approximately 3km north of its flagship Alpala project.
The estimate, which is based on the results of 17,535 drill holes in 18 holes as well as “surface rock-saw channel sampling from 72 outcrops, and 14,566m of final assay results from holes 1-18”.
The estimate shows a total of 233m indicated tonnes at an average grade of 0.23% copper and 0.16g/t gold (reported as 0.33% copper equivalent CuEq) and an additional inferred tonnage of 197mt at an average grade of 0.27% copper and 0.20g/t gold (0.39% CuEq).
Although the Tandayama-America resource is both smaller and lower grade than the 2.6bn tonne resource at Alpala with a grade of 0.53% CuEq, Solgold says that, unlike Alpala, much of it is potentially mineable by open pit methods.
Open-pittable resources comprise 201m indicated tonnes at a grade of 0.33% CuEq plus an additional 61.8m inferred tonnes at a grade of 0.44% CuEq and, potentially including “a higher-grade near-surface zone containing 10.6Mt @ 0.41% CuEq and 5.2Mt @ 0.45% CuEq”.
In addition, Solgold identifies 32m indicated tonnes at a grade of 0.35% CuEq and 135.2m inferred tonnes grading 0.37% CuEq potentially “mineable by underground bulk mining methods”.
Interim CEO, Keith Marshall, commented on the results based on the first 18 drillholes and said that “Drilling has continued at the TAM deposit during the estimation process and visual mineralisation from Holes 19-30 suggest potential for future resource growth in the southeast quarter of the open pit optimised shape and particularly in the east and southeast depth extensions of the underground optimised shape where the highest grade mineralisation encountered thus far remains open”.
Conclusion: The identification of an initial mineral resource, potentially mineable - at least in part, by open-pit methods at Tandayama-America close to Alpala provides Solgold with a wider range of development options for the Cascabel licence area. The company indicates that subsequent drilling not included in the maiden resource estimate may provide the opportunity for future resources expansion. We await further news as the exploration progresses.
Recent Interviews:
IGTV: Stock picks in the small-cap mining space:
Evolution of Chinese construction and implications for commodity demand: https://youtu.be/jB2nURL8uPw
VOX Markets: 10/06/21: https://audioboom.com/posts/7884446-john-meyer-talks-about-cornish-metals-empire-metals-anglo-american-ncondezi-energy-mkango-r
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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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
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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
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SSY
RRE
Steelhome
Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite
Asian Metal