SP Angel . Morning View . Thursday 04 11 21
China looks to cut taxes to boost economy as Fed looks to end stimulus by June
Arc Minerals* (Arc Minerals Limited (AIM:ARCM)) – Arc completes acquisition for prospecting licences in Botswana’s Kalahari Copper Belt covering over 210sqkm
Condor Gold* (Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF)) – Buy, Valuation 102.5p – Completion of £4.1m fund raising
Lucara Diamonds (CVE:LUC) – Quarterly report highlights the Karowe underground expansion and sales recovery
Power Metal Resources* (Power Metal Resources PLC (AIM:POW)) – Significant anomaly identified at Schreiber-Hemlo
Savannah Resources* (Savannah Resources PLC (AIM:SAV, ETR:SAV, OTC:SAVNF)) - BUY – Endorsement of net zero emissions goals
Tirupati Graphite (Tirupati Graphite PLC (LSE:TGR)) – Trading commences on the OTCQX
IGTV: 03/11/21:Cornish Metals*, Mkango Resources*, Kodal Minerals* - Fed to consider potential China slowdown when looking at rates https://youtu.be/fSuIInJslh8
VOX Markets: 03/11/21: https://audioboom.com/posts/7973357-john-meyer-on-iron-ore-china-s-slowing-growth-cornish-metals-kodal-minerals-ramble-metals
*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.
Plans to make London the first net-zero financial centre in the world
Chancellor Rishi Sunak has announced that financial institutions and companies listed in the UK will be forced to publish their plans on how they will transition to net zero.
The move will target “greenwashing”, where firms triumph claims about their environmental practices but fail to live up to pledges.
City bonuses for senior executives will be linked to hitting “green targets” in future as part of a historic shift in the Square Mile, financial leaders said on Wednesday.
The likes of NatWest, Lloyds and PWC have all overhauled remuneration and bonuses for top executives, to tie pay-outs to environmental targets.
450 firms controlling 40% of global financial assets, worth some $130tn have now aligned themselves to the key goal of limiting global warming to 1.5C above pre-industrial levels.
Although the plans are as yet unpublished, the aim is simply to increase transparency, rather than mandating action, which has left environmental campaigners sceptical of the effectiveness of the plans.
Sunak also intends to force listed companies to publish net zero transition plans.
GM-backed start-up unveils breakthrough lithium-metal battery cell
SES, a start-up backed by GM, has unveiled a lithium-metal battery cell with 100 amp hours of charge.
Average lithium-ion battery cells in EVs have 50-120amp hours.
The battery has a lithium-metal anode and is cheaper to develop than lithium-ion and uses liquid in the cathode and a dry coating on the lithium-metal anode.
SES plans commercial production for 2023 and hopes to go public at the end of this year via reverse merger with Robert Friedland’s SPAC.
Dow Jones Industrials +0.29% at 36,158
Nikkei 225 +0.93% at 29,794
HK Hang Seng +0.70% at 25,200
Shanghai Composite +0.81% at 3,527
Economics
Global food inflation climbed 3%mom to a fresh decade high in October, a UN index tracking staples from wheat to vegetable oils showed.
Stronger inflation has been driven by a series of factors including logistics bottlenecks, freight costs, higher commodity and energy prices as well as bad weather hitting harvests.
China - Chinese Premier calls for small firm tax relief to boost economy
Premier Li Keqiang suggested local authorities reduce fees and taxes for SMEs.
In a nod to Xi’s ‘common prosperity’ drive, Li demands ‘financial institutions to make reasonable profit transfers to the real economy’.
Beijing is responding to ‘downward pressure’ on the Chinese economy: 3Q21 GDP grew at 4.9% vs 7.9% 2Q21 and 18.3% in 1Q21. (NBS)
SMEs account for 80% of China urban employment. They’ve been hit by raw material/freight costs and Covid disruptions.
Local Chinese governments hit by lack of land sales
66% of land auctioned since September has gone unsold (highest since 2008). (Kaiyuan Securities)
National revenue Oct. down 37% from land sales y-o-y. (Guangfa Securities)
Land sales contribute 44% of local government revenue.
Land unsold in auctions hit 86.4% in Sept for 2nd tier cities. Down 55.1% in 1st tier cities. (Kaiyuan Securities)
Evergrande has paid 2 suppliers in flats instead of cash. (SCMP)
Evergrande’s home sales in October were 1/3rd the volume vs July.
It has coupons totalling $82.5mn due Nov. 6th and grade periods end on 11th and 24th for October payments.
US - Fed begins asset-buying taper, hopes to end stimulus by June
Fed officials will wind down $120bn-a month asset purchases starting this month.
The Fed will ease the program by $15bn/month.
Short-term benchmark rate remains near zero with no plan to raise rates before the completion of the asset-buying program.
12-month inflation is at its highest in decades. – CPI rose 3.6% in Sept.
Powell sees inflation cooling by next spring/summer but emphasised uncertainty re. bottlenecks and labour disruptions.
Analysts expect a rate rise next summer.
Gold hit a 3-week low following the news before recovering slightly to $1,774/oz.
Copper rose 1% to $9,555/t.
Focus turns to Friday’s US nonfarm payrolls.
ECB President Lagarde is pushing back against market expectations for an interest rate increase in 2022 saying a hike is “very unlikely” next year, Bloomberg writes.
“Despite the current inflation surge, the outlook for inflation over the medium term remains subdued,” Lagarde said on Wednesday suggesting conditions for a hike are unlikely to be met in 2022.
Comments helped to bring forecasts for ECB rate hikes to 10bp by the end of 2022 yesterday, down from 23bp expected at the beginning of the week.
Euro area consumer prices climbed 4.1%yoy in October beating market estimates.
Last week, the ECB said the current phase of faster inflation will last longer than previously thought, although price pressures should still ease as supply bottlenecks ease and energy prices normalise.
UK – Bank of England due to announce monetary policy decision today with market consensus for rates to remain unchanged.
UK auto registrations drop ~25% yoy in October to ~106k, according to the SMMT data.
The headline number masks different market dynamics in traditional petrol/diesel engines (-31%yoy and -66%yoy, respectively) and EVs (+18%yoy).
EV registrations (BEV+PHEV+HEV) amounted to ~33k accounting for a third of new car registrations last month.
Of aggregate EV registrations, BEV accounted for half with ~16k registrations.
YTD EV registrations amounted to 366k (+65%yoy) claiming increasing market share (26% v 16% in Oct/20).
YTD BEV registrations accounted for 141k (+86%yoy) or ~39% of EV registrations and ~10% of total sales.
Germany – Factory orders rebound on higher demand from abroad
German factory orders rebounded in September, climbing 1.3% vs -8.8% in October.
Factories benefitted from recoveries across the world, although a squeeze on material and available shipping has dampened momentum.
More than 70% of companies surveyed by the Ifo Institute in Munich reported shortages in October, and many expect issues to persist well into next year.
Currencies
US$1.1560/eur vs 1.1587/eur yesterday. Yen 114.23/$ vs 113.86/$. SAr 15.250/$ vs 15.351/$. $1.366/gbp vs $1.361/gbp. 0.744/aud vs 0.745/aud. CNY 6.395/$ vs 6.397/$.
Commodity News
Precious metals:
Gold US$1,774/oz vs US$1,784/oz yesterday
Gold ETFs 98.1moz vs US$98.1moz yesterday
Platinum US$1,047/oz vs US$1,049/oz yesterday
Palladium US$2,044/oz vs US$2,028/oz yesterday
Silver US$23.54/oz vs US$23.57/oz yesterday
Rhodium US$14,100/oz vs US$14,100/oz yesterday
Base metals:
Copper US$ 9,513/t vs US$9,661/t yesterday
Aluminium US$ 2,659/t vs US$2,731/t yesterday
Nickel US$ 19,345/t vs US$19,725/t yesterday
Zinc US$ 3,330/t vs US$3,345/t yesterday
Lead US$ 2,371/t vs US$2,386/t yesterday
Tin US$ 37,130/t vs US$37,390/t yesterday - MSC to lift force majeure on major tin smelting operation
Malaysia Smelting Corporation produced 22.5kt 2020 (3rd highest globally).
Covid measures forced Malaysian operations to cease Jun.21. 30% cap on workforce on site instigated.
MSC hopes to lift the force majeure ‘by month end’.
The company has completed commissioning of its modern Pulau Indah smelter - uses ISASMELT tech which processes lower grade ores.
MSC’s operational return is expected to reduce the tightness of the tin market.
Energy:
Oil US$82.4/bbl vs US$83.3/bbl yesterday
Oil price reversed yesterday’s losses in early trading today ahead of today’s all-important OPEC+ meeting
Despite diplomatic pressure, OPEC is unlikely to decide to open up the taps over and above the previously slated 400kbopd monthly quota increase
That likely means continued high energy prices through the end of this year and potentially into 2022
OPEC+ members remain in favour of keeping oil markets tight, taking advantage of the elevated prices to improve fiscal accounts and depleted treasury reserves
Japan and India have also joined the US in trying to pressure OPEC to increase its output limits and help reduce energy prices
The increase in OPEC's oil output in October fell short of the rise planned under a deal with allies, as involuntary outages in some smaller producers offset higher supplies from Saudi Arabia and Iraq
OPEC+ is expected to stick to the 400,000bopd increase at Thursday’s meeting, with members Kuwait and Iraq in recent days voicing their support for it, saying those volumes were adequate
In the US, Exxon and Chevron are looking to add drilling rigs in the Permian shale basin after sharply cutting crews and output in the region last year
Money managers cut their net long US crude futures and options positions in the week to 26 October, the US Commodity Futures Trading Commission (CFTC) confirmed on Friday
Natural Gas US$5.696/mmbtu vs US$5.541/mmbtu yesterday
Natural gas prices continued to rally ahead of today’s inventory report from the Department of Energy
Expectations are for a 65Bcf build in stockpiles according to survey provider Estimize
The weather is expected to be warmer than normal throughout the US mid-West over the next 6-10 days but then the warm weather will move east and sit there for the following 8-14 days
There are no significant tropical disturbances in the Atlantic that are treating to become a tropical cyclone over the next 48-hours
US supply of natural gas increased slightly in the last week
The EIA expects Henry Hub prices will decrease after the first quarter of 2022, as production growth outpaces growth in LNG exports, and will average US$4.01/mmbtu for the year
US exports of LNG are establishing a record high this year, a new record high anticipated for next year
The EIA expects LNG exports to average 9.7Bcf/d this year (3.2Bcf/d more than the 2020 record high of 6.5Bcf/d) and to exceed annual pipeline exports of natural gas for the first time
The year-on-year increase in LNG exports coincides with slight growth in US natural gas production
US dry natural gas production is expected to average 92.6Bcf/d this year, which is 1.1Bcf/d more than in 2020 but 0.3Bcf/d less than in 2019
Uranium UXC US$42.7/lb vs $46.1/lb last week - China plans 150 nuclear reactors over next 15 years
China is planning to build more nuclear reactors in the next 15 years than the rest of the world has built in the past 35. The plan is estimated to cost $440bn.
Beijing hopes it will reduce 1.5bn t of carbon emissions pa.
China currently has 46 reactors planned/under construction. The US has 2.
Analysts expect China to construct reactors at a 3rd of the cost of the US and France. (BloombergNEF) This is enabled through financing from state-backed banks.
China National Nuclear Corp hopes to build 30 overseas reactors by 2030.
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$96.8/t vs US$96.5/t
Chinese steel rebar 25mm US$794.7/t vs US$795.6/t
Thermal coal (1st year forward cif ARA) US$114.0/t vs US$101.0/t - China coal inventories rise as output nears annual high
Coal inventories at Chinese power plants rose over 110mt on Tuesday.
Daily coal output hit 12mt Nov. 2nd – up 1mt from early Oct.
Inventories have jumped by 31mt since Sept. end. (NDRC)
Thermal coal futures down 50% from 1,908CNY/t Oct.19th
Thermal coal swap Australia FOB US$156.8/t vs US$137.0/t
Coking coal swap Australia FOB US$341.0/t vs US$345.0/t
Other:
Cobalt LME 3m US$58,300/t vs US$56,545/t
NdPr Rare Earth Oxide (China) US$118,839/t vs US$112,169/t
Lithium carbonate 99% (China) US$27,442/t v US$27,436/t
China Spodumene Li2O 5%min CIF US$1,590/t vs US$1,550/t
Ferro-Manganese European Mn78% min US$2,145/t vs US$2,184/t
China Tungsten APT 88.5% FOB US$315/t vs US$315/t
China Graphite Flake -194 FOB US$635/t vs US$625/t
Europe Vanadium Pentoxide 98% 7.7/lb vs US$7.8/lb
Europe Ferro-Vanadium 80% 32.45/kg vs US$32.65/kg
China Ilmenite Concentrate TiO2 US$387/t vs US$387/t
Spot CO2 Emissions EUA Price US$68.7/t vs US$66.0/t
Battery News
SK invests $2.53bn in new Chinese EV battery plant
SK On has signed a contract with Yancheng, Jiangsu Province, for construction of its 4th EV battery plant with 10GWh production capacity pa. (Yonhap News Agency)
Its 3 other plants have production cap. pa. of 27GWh. SK On hopes to have 500GWh of cap. pa. by 2030.
SK On has an $8.9bn JV with Ford and plans to build 3 battery plants in the US by 2027 (129GWh)
US Democrats’ plan boosts EV tax credit eligibility to pricier vehicles
Democrats in the U.S. House of Representatives released an updated social spending and climate measure on Wednesday that expands a proposed $12,500 tax credit to pricier zero-emission vehicles, while lowering income limits for eligible buyers.
The updated social spending bill is expected to be voted on in the coming days.
Vans, SUVs and pickup trucks with a manufacturer suggested retail price of up to $80,000 would be eligible under the new bill.
The earlier bill capped credit at $64,000 for vans, $69,000 for SUVs and $74,000 for pickup trucks.
The new proposal limits the full EV tax credit for individual taxpayers reporting adjusted gross incomes of $250,000 or $500,000 for joint filers, down from $400,000 for individual filers and $800,000 for joint filers.
Fortescue to invest $8.4bn in green hydrogen in Argentina
Australia’s Fortescue has announced it will invest $8.4bn over the next ten years to produce green hydrogen from wind energy in Argentina’s Patagonian Rio Negro province.
The deal was formalised with Argentinian president Alberto Fernandez this week on the side lines of the UN Cop 26 climate conference.
The plant will produce green hydrogen for export with the goal of reaching a capacity of 2.2mn t/yr by 2030.
Fortescue expects to launch a $1.2bn pilot phase through 2024 to produce some 35,000t of green hydrogen. An additional $7.2bn investment will follow through 2028.
The deal will be the largest international investment in Argentina in the last 20 years.
Huge uptake in solar has enabled India to revise climate goals
Indian prime minister, Narendra Modi, announced on Monday that India would meet a target of net zero emissions by 2070.
Despite being 20 years after the UN goal of net zero emissions by 2050, India’s commitment to generate half of its energy from renewables and to reach net zero by 2070 was seen as a positive step by many.
Rapid uptake in solar in India has seen the original target of 175GW of capacity by 2030on course to be achieved by 2022. The government has since upped the target to 500GW.
The Indian government plans to upgrade its energy infrastructure further and joined the UK and other countries this week in unveiling plans for a global network of interconnected solar power plants that could ensure the world is powered by solar.
The One Sun, One World, One Grid plan would oversee more investment and regulations to encourage cross-border transmission lines and shared renewable energy.
Company News
Arc Minerals* (Arc Minerals Limited (AIM:ARCM)) – 3.04p, Mkt cap £34m – Arc completes acquisition for prospecting licences in Botswana’s Kalahari Copper Belt covering over 210sqkm
(Arc holds 72.5% of Zaco and 66% of Zamsort in Zambia. The Cheyeza license is 66% owned by Arc Minerals through its holding in Zamsort.)
BUY - CLICK FOR PDF
Arc Minerals has completed its previously announced acquisition of 75% of Alvis-Crest from Kopore Metals for 35.5m shares worth $1.2m plus a 1% net smelter royalty, capped at US$30m.
Arc also retains an option to acquire the remaining 25% of the assets for US$5m exercisable at on a final investment decision, eg on completion of a BFS.
Arc is committed to spending US$200,000pa on the prospects.
Alvis-Crest report an unaudited loss of ~£45,000 to end-June along and has unaudited net liabilities of ~£410,000.
The company holds two prospecting licences ~10km south east of the Khoemacau underground copper mine run by Cupric Canyon Capital LP.
Cupric Canyon is run by the GNRI and RCF private equity funds.
Cheyeza East: Arc continues to drill at Cheyeza East and will be stepping out with its drilling program looking for higher copper grades as it follows up on the mineralisation intersected in the first hole of this latest program.
The challenge for the geological team is to identify structures and chemical anomalies where copper will have accumulated in higher grades and greater tonnages within Arc’s properties.
Arc’s licenses present significant geological structures where copper may have been trapped or chemically deposited as mineralised fluids passed through the rocks in the area.
The mineralisation seen in the first drill hole shows mineralised massive sulphides increasing the probability of finding larger mineralised structures within the region.
Conclusion: The acquisition of Alvis-Crest may give the Arc team another area of focus should a major company decide to offer to takeover the exploration of Arc’s properties in Zambia.
*SP Angel acts as Nomad and broker. An SP Angel analyst has driven across the Zambian copper belt, flying the British flag, to visit Arc’s licenses West of Sloweizi.
Condor Gold* (Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF)) 34.75p, Mkt Cap £51m – Completion of £4.1m fund raising
Valuation 102.5p
Click here for Initiation note pdf
Condor Gold reports that it has now closed its previously announced £4.1m (gross) fundraising comprising one share and a purchase warrant for half a share, at a price of 35p per unit.
Approximately 2.97m of the 11.71m units were purchased by Directors and by the CFO.
The warrant “entitles the holder thereof to purchase one Ordinary Share at a price of 50p for a period of 24 months”.
Condor Gold confirms that it has now received the proceeds which, as previously announced, are to be “used to complete a Feasibility Study” for the company’s initial 100,000oz pa La India gold development project in Nicaragua as well as to “pay the balance of a new SAG Mill, which is now 80% in Nicaragua and advance the site clearance and preparation for the processing plant”.
Recent announcements from Condor Gold indicate that it expects to publish the findings of the Feasibility Study during Q1 2022.
Conclusion: The additional funding announced today, in conjunction with existing cash resources of £3.1m at 30th June 2021, will secure the completion of the La India Feasibility Study, expected in Q1 2022, and enable the purchase of the SAG mill, which we expect is a ‘critical path item’ on La India’s development schedule, to be completed.
*SP Angel act as a broker to Condor Gold
Lucara Diamonds (CVE:LUC) C$0.65, Mkt Cap C$295m – Quarterly report highlights the Karowe underground expansion and sales recovery
In its Q3 results announcement for the 3 months to 30th September Lucara Diamonds highlights the decision to develop underground mining at its Karowe diamond mine in Botswana.
The US$534m development, which is expected to reach full production in Q4 2026, extends the mine life until 2040 and “is forecast to contribute approximately $4 billion in additional revenues, using conservative diamond prices”.
Production during the quarter amounted to 97,412 carats and Lucara Diamonds reports that these included “ four pink diamonds from direct milling … including a 62.7 carat high quality, fancy pink Type IIa gem diamond and a 22.21 carat pink gem of similar quality along with two additional pink gems of similar colour and purity weighing 11.17, and 5.05 carats … [as well as]… a 393.5 carat top white Type IIa gem quality diamond … [which is] … the third gem quality +300 carat produced from the M/PK(S) unit in 2021, following the recovery of two top white gems (341 carats and 378 carats) in January 2021. In addition, a 257.7 carat top white Type IIa gem quality diamond was recovered during the August production month”.
Sales of 117,549 carats at an average price of US$619/carat (2020 – 112,943 carats at US$365/carat) generated US$72.7m of revenue (Q3 2020 – US$41.3m) bringing year-to-date revenue to US$172.1m (2020 – US$82.9m).
The company describes a positive outlook for the balance of 2021 saying that “Based on expectations for revenue in Q4 2021, the lower end of diamond revenue guidance has been increased to $195.0 million from $180.0 million”.
Commenting more widely on the rough diamond market, Lucara Diamonds says that “Following a challenging 2020, the diamond market in 2021 continues to be in a healthy balance due to robust demand and lower rough supply. The market remained stable in Q3 despite concerns there may be a softening in the Chinese market. Midstream demand remains strong with capacity in particularly India remaining high leading up to an expected strong holiday season over the coming months”.
Summarising the quarter, President and CEO, Eira Thomas, said that “Strong production, including a high volume of Specials (diamonds >10.8 carats in size), combined with our innovative and optimized approach to sales of rough and polished diamonds into a strengthening market for diamond jewellery, has delivered a 57% increase in revenues quarter over quarter”.
Ms Thomas also said that “the underground expansion project … will support operations at Karowe at current production rates until at least 2040. These developments have significantly de-risked Lucara's outlook on growth and has positioned the Company to benefit from a stronger, more stabilized diamond price environment as global rough diamond supply remains constrained”.
Power Metal Resources* (Power Metal Resources PLC (AIM:POW)) 1.7p, Mkt Cap £21.2m – Significant anomaly identified at Schreiber-Hemlo
(Power Metal has a 36.1% interest in First Class Metals Limited)
First Class has released a business update on its Schreiber-Hemlo project portfolio, which Power Metal sold in September 2021 for £1m.
A recently completed Versatile Time Domain Electromagnetic airborne survey has identified a significant multi-line electromagnetic anomaly within the Pickle Lake JV area.
The West Pickle Lake Anomaly is a 600m multi-line anomaly located 2.5km west of the Palladium One RJ zone and may represent an extension to this zone.
The RJ zone consists of locally net-textured magmatic sulphide and has returned up to 1.04 % Ni and 0.23% Cu over 16.2 meters in hole TK16- 002.
A soil and outcrop rock sampling campaign has been conducted on the JV area, results of which are due by end Q4 2021.
Further to the EM study, an exploration permit has been submitted for the project to the Ontario Ministry of Energy, Northern Development and Mines for future potential drilling.
*SP Angel act as Nomad and Broker to Power Metal
Savannah Resources* (Savannah Resources PLC (AIM:SAV, ETR:SAV, OTC:SAVNF)) 4.5p, Mkt Cap £75m – Endorsement of net zero emissions goals
BUY
In the wake of the 26th UN Climate Change Conference of the Parties, the Company took the opportunity to endorse commitments to net zero greenhouse gas emissions targets by the members of the International Council on Mining and Metals by 2050 or sooner.
The Company took the opportunity to reiterate its target to develop a “net zero” source of lithium product for the growing European battery supply chain.
Location of the Barroso hard rock lithium deposit as well access to abundant sources of renewable energy in the country highlight competitive advantage of the project when it comes to minimising emissions footprint of the European EV industry.
*SP Angel act as Nomad to Savannah Resources
Tirupati Graphite (Tirupati Graphite PLC (LSE:TGR)) 87.5p Mkt Cap £75m – Trading commences on the OTCQX
Tirupati reports that trading in its ordinary shares will begin today on the OTCQX Best Market in the US, under the ticker TGRHF.
Tirupati's shares will be available to U.S. investors during U.S. working hours and priced in U.S. dollars. Trading on the OTCQX will have no direct impact on the trading of Tirupati's existing Ordinary Shares on the London Stock Exchange and no new Ordinary Shares will be issued
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
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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