SP Angel . Morning View . Thursday 10 02 22
Chinese authorities allow new borrowings to hit record high in January
MiFID II exempt information – see disclaimer below
PRIVATE - Pre-IPO financing for Zambian copper exploration company
We are raising funds for a private copper exploration company with three prospective license areas in Zambia, all near producing mines or active exploration programs by majors.
The company has a joint venture with one major mining company and is working in cooperation with another major copper miner.
Recent assays show 15.8% copper and 0.57g/t gold in an artisanal pit close to an historic copper mine on one license. Six significant copper soil anomalies identified in latest field work.
Targets were also generated by BHP before they withdrew from Zambia and lie close to ongoing drilling by another company.
First Quantum’s geological team is providing data and technical advice, on the license contiguous with their largest Zambian mine.
Copper and nickel mineralisation has been identified on the license through historic drilling. The company plan to IPO later this year
*SP Angel’s role is limited to making introductions and interested parties should be aware that investment in a private company can present certain risks not present in listed companies (e.g. limited or no liquidity and no rules compelling disclosure of information to investors). This offer is open to professional investors only and is not offered to retail investors.
Alien Metals (Alien Metals Ltd (AIM:UFO, OTC:ASLRF)) – Mexican drilling permits received
Atlantic Lithium* (Atlantic Lithium Limited (AIM:ALL)) – High-grade infill drilling results at Ewoyaa
Bacanora Lithium (Bacanora Lithium PLC (AIM:BCN, OTC:BCLMF)) – President of Mexico says Bacanora will not be allowed to start operation
KoBold Metals (Private) completes $192.5m fundraising for AI-based battery minerals discovery
Newmont Mining (NYSE:NEM) – Moving to control of Yanacocha
IGTV: Are commodities becoming weaponised? https://www.youtube.com/watch?v=jCoPpdNPMpQ
IG Outlook 2022, China new year, winter Olympics may see metals prices soften: (12/01/2022): https://youtu.be/vNqDh74zW5I
VOX Markets: 12/01/22: https://audioboom.com/posts/8011559-john-meyer-on-china-s-factory-shut-downs-plus-news-from-bluejay-beowulf-atlantic-lithium
*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.
Diesel – refiners struggling to keep pace with demand for diesel as economic activity ramps up
Inventories of diesel in the Dutch ARA refining and storage area fell 2.5% last week on lower shipments of diesel into Europe from the US and Asia (Reuters).
Recovering growth outside Europe is limiting diesel available for shipping while Europe sees rising demand.
Singaporean inventories have also fallen to a multi-year low.
While we hope we will not see diesel shortages in the UK again higher prices look almost inevitable.
Rough Diamond market
The world’s largest diamond producer, Russia’s Alrosa, said in an announcement yesterday that it would respond to:
“demand for rough diamonds in early 2022 as well as in the second half of 2021 …outstripping supply” by offering its “long-term customers a new option to adjust supply schedules between trading sessions” in a move to aid rebalancing of the rough diamond market. Alrosa explained that “We believe that this innovation, together with the Gokhran auction slated for late February 2022, will speed up progress in addressing current market deficit. With the same goal in mind, we will hold an additional tender between trading sessions.”
Erdogan looks to ‘under the mattress’ gold for $25bn liquidity injection to Turkish banking system
Erdogan’s finance minister Nebati has announced a scheme to encourage Turkish citizens to convert a portion of their gold holdings to lira in a bid to boost the currency.
The lira lost 44% of its value vs the dollar last year.
5 contracts have been signed with gold refineries to convert gold into bullion for Turkey’s central reserves.
The ministry estimates $250bn worth of gold is kept by Turks ‘under the mattress’, with the scheme calling for 10% of that.
Copper breaks through $10,000 to $ 10,250/t as supply squeeze intensifies
Copper has climbed 5% to $10,250/t this morning from $9,727/t yesterday.
Global copper stocks are nearing record lows at 200,402t across Comex, LME and ShFe.
Current stocks are insufficient for three days of global consumption, highlighting the tightness of the current market.
Alongside severely limited stocks, the dollar’s recent weakness is also supporting the metal.
Southeast Asian copper premiums are at their highest since 2017 with analysts pointing to a smelter shutdown in Japan as the primary driver.
Further production cuts at Las Bambas are expected with MMG making limited inroads with local protestors.
Gold continues upwards momentum as dollar weakens and investors wait for today’s inflation data
Gold continues to rise, touching $1,835/oz before settling at $1,833/oz.
The dollar index is down 1.8% from its Jan. 28 highs, supporting the gold price.
Economists expect today’s US CPI inflation reading to come in at 7.3%, with traders expecting a more robust inflation reading to reduce gold’s appeal in the scenario of an aggressive Fed rate hike schedule.
10-year US Treasury yields have weakened from their 2-year highs, boosting gold prices.
Dow Jones Industrials +0.86% at 35,768
Nikkei 225 +0.42% at 27,696
HK Hang Seng +0.19% at 24,877
Shanghai Composite +0.17% at 3,486
Economics
Unilever warned of the worst inflation since the financial crisis guiding for a compression in operating profit margins, Bloomberg writes.
Underlying operating margin is expected to be down to 16-17% from 18.4% recorded in FY21 with the bulk coming back in 2023 and the rest in 2024.
The Company is particularly exposed to increase in the cost of crude oil that has recently climbed 60%, palm oil (+130%) and soybean oil (+100%).
Unilever has been increasing prices by the most in almost a decade to compensate for higher raw material costs.
US – Inflation numbers are due later today with estimates for a 7.2%yoy increase in the headline CPI marking the strongest reading in decades.
Core CPI growth is also expected to accelerate to 5.9% from 5.5% in December.
Expectations for tighter monetary policy have been trending higher, particularly after strong January employment data.
Markets are currently pricing in five 0.25bp rate hikes this year.
EU - ECB may consider quantitative requirements in 2023 if banks fail to comply with expectations on leveraged loans
China – Credit growth accelerates in January with new loans hitting the highest on record in a sign of a monetary support authorities are willing to provide to avoid a sharp drop in economic growth.
New Yuan Loans (CNY tn): 3.98 v 1.13 in December and 3.70 est.
Money Supply M2 (%yoy): 9.8 v 9.0 in December and 9.2 est.
Aggregate Financing (CNY tn): 6.17 v 2.37tn in December and 5.40 est.
Evergrande dismisses rumours of an asset fire sale and sets ambitious 2022 construction target
Evergrande’s chairman has vowed to complete 50% of pre-sold homes this year, delivering 600,000 apartments. (Reuters)
The company has stated it has $8bn in cash to pay for construction and $27bn due from sales/saleable resources.
Evergrande contracted sales fell 39% in 2021 vs 2020.
The chairman aims to build 39k apartments per month - November-January saw 10,000 delivered apartments per month.
Fitch downgraded Evergrande to default in December having missed 2 interest payments on $645m and $590m bonds.
China is rolling out policies for the transition to green energy across the country, according to the National Development and Reform Commission
The nation is to speed up the construction of clean, low-carbon, safe, and highly-efficient energy systems while deepening reforms of mechanisms and innovation in the energy sector according to the commission and the National Energy Administration.
“By 2030, a pattern of energy production and consumption will be formed with non-fossil energy that can both basically meet the increase in energy demand and replace fossil energy stocks on a large scale, while the capacity ensuring energy security will be comprehensively enhanced, the document noted.”
China has promised to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060 and will enhance international cooperation in the energy transition sector.
Fiscal and financial policies supporting energy transition will also be rolled out, steering more national funds to the energy transition sector and facilitating the issuance of green bonds for eligible enterprises in the sector, according to the document.
HK Covid infections could rise to 28,000 cases a day by end-March with Omicron spreading fast through the population
>50% of elderly residents have not been vaccinated in HK though 82% of HK residents have had at least one vaccine (Reuters).
Unfortunately the Sinovac vaccine is said to be largely ineffective against Omicron leaving HK residents with little protection against the virus.
India targets 9.2% growth target with major infrastructure investment
India’s PM Modi is planning to reach a China-beating 9.2% growth target through a major spending ramp-up on infrastructure.
Modi is looking to increase infrastructure spending by 35% to $100bn.
India is aiming to replicate the Chinese model of driving growth through major construction projects.
Focus will be on ‘roads, railways, airports, ports, mass transport, waterways and logistics infrastructure.’ (SCMP)
Subsidies will also be granted to solar panels makers and electric transportation infrastructure.
Australia – The RBA completed its final A$1.6bn purchase of securities under the latest QE programme.
Acquisition of government debt saw the central bank’s balance sheet triple to ~A$650bn during the programme.
The RBA bought more than three times more debt than its was issued by the government, the largest ratio across the world’s six largest developed bond markets, helping to drive market borrowing costs lower.
Philip Lowe, the RBA Governor, said the central bank will decide in May whether to allow holdings to mature or reinvest repayments ie the path of the money supply moving forwards.
Annual trimmed mean inflation, the RBA’s preferred underlying measure, climbed 2.6% in Q4/21, the fastest pace since 2014, and above the mid-point of the RBA’s 2-3% target range.
Jobless rate has also been trending lower with p the number of people employed recovering losses recorded in early 2020.
Currencies
US$1.1429/eur vs 1.1413/eur yesterday. Yen 115.63/$ vs 115.39/$. SAr 15.144/$ vs 15.338/$. $1.355/gbp vs $1.355/gbp. 0.719/aud vs 0.715/aud. CNY 6.358/$ vs 6.362/$.
Commodity News
Precious metals:
Gold US$1,833/oz vs US$1,827/oz yesterday
Gold ETFs 99.4moz vs US$99.4moz yesterday
Platinum US$1,036/oz vs US$1,033/oz yesterday
Palladium US$2,289/oz vs US$2,248/oz yesterday
Silver US$23.36/oz vs US$23.16/oz yesterday
Rhodium US$18,350/oz vs US$17,900/oz yesterday
Base metals:
Copper US$ 10,163/t vs US$9,727/t yesterday
Aluminium US$ 3,279/t vs US$3,170/t yesterday
Nickel US$ 23,345/t vs US$22,785/t yesterday
Zinc US$ 3,705/t vs US$3,589/t yesterday
Lead US$ 2,267/t vs US$2,209/t yesterday
Tin US$ 43,635/t vs US$42,820/t yesterday
Energy:
Oil US$91.8/bbl vs US$90.3/bbl yesterday
The oil price rally so far in 2022 has also driven increased drilling activity in US shale basins with higher breakeven prices
US$90/bbl oil is incentivising more drilling activity in the Bakken in North Dakota, the Eagle Ford in Texas, Colorado’s DJ Basin, and in Wyoming, as the drilling economics at these high oil prices
The economics now appear to be the best since the start of the shale revolution as oil prices are high while many producers are disciplined in spending
Supermajors ExxonMobil and Chevron plan a 25% and 10% increase in their Permian production this year respectively
Many other public and private operators will also boost their oil and gas production in the Permian, where output hit a record high in recent weeks and is set to continue to grow
The other, costlier basins are also seeing increased activity, albeit at a smaller scale than in the Permian
The basins in North Dakota, Wyoming, and Colorado that were slower to recover from the COVID-inflicted downturn are already seeing increased activity and production
Natural Gas US$4.000/mmbtu vs US$4.153/mmbtu yesterday
European gas prices have recovered from a mini-slump this month after flows in the Yamal-Europe pipeline were halted in both direction
UK Natural Gas prices have risen to 3.3% to £1.87/therm, after weeks of stagnation, while the Dutch TTF Futures benchmark has increased a similar 3% to €78.50/MwH
Prices spiked after data from German network operator Gascade showed that flows on the Yamal-Europe pipeline were suspended
Flows had moved eastwards towards Russia since 21 December, piling further pressure on European supplies
While flows have now stopped moving away from Europe, the pause has dashed last night’s hopes of more exports into the continent
Gazprom booked transit capacity for eight hours on Tuesday evening, and the pipeline even recorded an hour of western flows, before coming to a standstill in both directions
Uranium UXC US$43.30/lb vs $43.44/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$146.4/t vs US$148.3/t
Chinese steel rebar 25mm US$781.4/t vs US$778.4/t
Thermal coal (1st year forward cif ARA) US$117.8/t vs US$119.0/t
Thermal coal swap Australia FOB US$221.0/t vs US$211.0/t
Coking coal swap Australia FOB US$398.0/t vs US$406.0/t - China imposes price cap on coal in another attempt to keep lid on prices
China’s National Development and Reform Commission has imposed price limits on coal to try and keep a lid on inflation.
The NDRC summoned major suppliers on Wednesday to ensure that coal remains affordable, and market prices stay in a reasonable range.
Prices at mine level have been capped at 700 yuan/t and port prices have been capped at 900 yuan/t.
Previously record-high coal prices were to blame for China’s energy crisis last year, and also helped drive inflation at the factory gate.
In a bid to cool prices last year, China allowed utilities companies to pass higher costs on to industrial users, financed clean-coal projects and encouraged a ramp up of coal operations.
Authorities have also been pressing the industry to sign more long-term in a bid to tame volatility in the markets.
Other:
Cobalt LME 3m US$71,000/t vs US$71,000/t
NdPr Rare Earth Oxide (China) US$152,573/t vs US$150,505/t
Lithium carbonate 99% (China) US$59,378/t vs US$59,338/t
China Spodumene Li2O 5%min CIF US$2,710/t vs US$2,710/t
Ferro-Manganese European Mn78% min US$1,823/t vs US$1,820/t
China Tungsten APT 88.5% FOB US$320/t vs US$320/t
China Graphite Flake -194 FOB US$805/t vs US$805/t
Europe Vanadium Pentoxide 98% 10.1/lb vs US$10.0/lb
Europe Ferro-Vanadium 80% 39.55/kg vs US$39.25/kg
China Ilmenite Concentrate TiO2 US$391/t vs US$391/t
Spot CO2 Emissions EUA Price US$110.0/t vs US$109.8/t
Brazil Potash CFR Granular Spot US$805/t vs US$805/t
Renewables News
GM and LG to invest $2.6bn in third battery plant
GM and LG Energy Solution are to invest $2.6b to build a new battery cell manufacturing facility in Lansing, Michigan, as part of the Ultium Cell JV.
The new facility would be Ultium Cells’ third in the U.S.
GM’s Ultium UEV platform will underpin the company’s all-electric Cadillac Celestiq which incorporates to rival Tesla’s high-end EVs.
The battery factory is expected to open in late 2024 and will supply battery cells to GM EV assembly plants across the US.
GM is planning to ramp up its production of EVs to 1m by 2025, including 600,000 electric trucks and convert half of its North American assembly capacity to EVs by 2030.
Brookfield Renewable to join forces with Cambridge Power for UK BESS
Brookfield Renewable, the renewables arm of Canada's Brookfield Asset Management (TSX:BAM.A) has partnered with Cambridge Power to develop a large portfolio of battery energy storage systems (BESS) across the UK.
An agreement that covers the development of more than 800 MW of fully consented projects, as well as 185 MW of co-located solar for investment over the next five years was announced this week.
Cambridge Power, who will oversee the construction and installation, hope to begin construction this year and become operational in 2023.
The battery systems will help to balance renewable power generation across the National Grid network during peak demand.
Company News
Alien Metals (Alien Metals Ltd (AIM:UFO, OTC:ASLRF)) – 0.98p, Mkt cap £40m – Mexican drilling permits received
Alien Metals has announced that it has now received the required permits and plans to start drilling at its Donovan 2 copper/gold project and, the San Celso and Los Campos silver projects in Mexico as soon as it can secure a suitable drilling rig and mobilise its geological team.
The drilling objective at Donovan 2 is “to locate the deep-seated source of the high-grade copper surface samples (up to 3.34% Cu) taken from the Los Alamos well. The Company feels that this has not been tested sufficiently to date and is looking forward to being able to fully test this target”.
“The San Celso and Los Campos projects both contain historic, very high-grade, underground silver mines, dating back more than a century. Both present the classical high-grade narrow vein epithermal mineralisation associated with the regional mineralised systems of the metallogenic belt that Zacatecas straddles”.
CEO and Technical Director, Bill Brodie Good, acknowledged the efforts of the local technical team in securing the permits under what he described as “very difficult conditions” and explained that “By combining the three programmes into a single, larger programme, we will reduce the overall costs and complete the programme more quickly”.
Alien Metals also announces today that “due to further delays indicated from the authorities in Australia … it has had to make an extension to the settlement date for the Binding Heads of Agreement with AIM and ASX listed Artemis Resources Limited (AIM/ASX: ARV) ('ARV') to acquire its 70% joint venture interest in the Munni Munni … [platinum group metals and gold] … Project”. Alien and Artemis have now agreed to extend the date until 21st March 2022.
Re: Mexico: Concerns remain over mining in Mexico in relation to a decision by the Secretaría de Medio Ambiente y Recursos Naturales which claims to have made a typographical error in the 12-yeear extension to the term of the EIA for the San Jose Mine, located in Oaxaca, Mexico. The Secretaría de Medio Ambiente y Recursos Naturales now claims the extension is just for two years despite the 12-year term being repeatedly referred to in all documentation related to the filing.
President Lopez Obrador says private companies' ‘looting’ of the ‘strategic mineral’ is over in relation to private companies working on Lithium. The President said yesterday that a new state company will be created to mine and process lithium and existing permits for private firms to mine lithium will be cancelled. While we do not believe any of this will impact Alien Metals we do feel Mexico is becoming a little less predictable from a mining perspective.
Atlantic Lithium* (Atlantic Lithium Limited (AIM:ALL)) 43p, Mkt cap £247m – High-grade infill drilling results at Ewoyaa
Formerly IronRidge* (LON:IRR)
Atlantic lithium reports its latest round of assay results from the Ewoyaa Lithium Project in Ghana, where the company recently announced an updated Scoping Study and increased JORC resource of 21.3Mt @ 1.31% Li2O.
The latest round of results are the final ones to be reported from the c.37,500m drilling programme completed in December 2021.
Assay results reported this morning are for 11,852m of infill and extensional drilling, with highlights including:
GRDT0453: 30m at 1.5% Li2O from 85.6m
GRC0574: 29m at 1.35% Li2O from 150m
GRDT0479: 23m at 1.7% Li2O from 114m
GRDT0505: 27.7m at 1.15% Li2O from 53.8m
GRC0596: 21m at 1.47% Li2O from 45m
GRC0600: 19m at 1.61% Li2O from 42m
GRDT0476: 16.9m at 1.62% Li2O from 130.1m
GRC0591: 15m at 1.76% Li2O from 65m
GRC0616: 15m at 1.59% Li2O from 249m
GRC0618: 15m at 1.54% Li2O from 159m
GRC0590: 16m at 1.44% Li2O from 194m
GRDT0481: 15m at 1.47% Li2O from 97m
GRC0593: 11m at 1.89% Li2O from 122m
This programme of results has validated grade and mineralisation continuity over the Ewoyaa Northeast, Okwesi, Anokyi, and Grasscutter East deposits; has also intersected high-grade results at the Kaampakrom West, Ewoyaa Sill and Grasscutter West extension targets – outside of the currently defined MRE.
Highlights from the recently completed updated scoping study at Ewoyaa, based on a 2.0mtpa include:
Pre-tax NPV8% of US$1,227m
Pre-tax EBITDA of US$2,024m
Post-tax NPV8% of US$789m
Post-tax IRR of 194%
Average EBITDA of US$178m per annum
Atlantic Lithium plan to recommence exploration drilling in March 2022 to test new targets along strike and at depth, as well as diamond core drilling in support of geotechnical, hydrogeology and site investigation studies.
*SP Angel acts as nomad to Atlantic Lithium
Bacanora Lithium (Bacanora Lithium PLC (AIM:BCN, OTC:BCLMF)) – President of Mexico says Bacanora will not be allowed to start operation
(Listing cancelled on 26th January following 90.3% acceptances of Ganfeng’s cash offer for the company)
President Manuel Lopez Obrador has stated that Bacanora Lithium will not be allowed to start operations (Morning Star).
The President plans for a new state mining company to mine and process lithium and that all existing lithium permits held by private companies will be cancelled.
“What they want to do is to continue looting and that is over,” he declared. “Lithium is going to be mined by the government.”
Bolivian President Luis Arce has also previously stated “the economic objective” of the 2019 US and British-backed coup against Evo Morales “was to control the lithium.”
It will be interesting to see just how effective the Mexican and Bolivian states will be at mining and processing lithium.
The concentration and purification of lithium brines requires careful chemical processing and expertise. It will be interesting to see how effective the Bolivian and Mexican state enterprises are at the chemistry.
KoBold Metals (Private) completes $192.5m fundraising for AI-based battery minerals discovery
KoBold has raised $192.5m in a Series B funding round with investors including BHP.
Management aim to use artificial intelligence to find battery metals fundamental to the energy transition.
The company’s technology hopes to aid exploration projects in drill targeting, land procurement and data collection.
Investors describe the company’s aim to build ‘a Google Maps for the Earth’s crust.’
The Kobold team is currently working on projects in Canada, Australia, Zambia, and Greenland.
KoBold has joint ventures with Bluejay Mining and BHP Group.
*SP Angel act Nomad and broker to Bluejay. The analyst holds shares in Bluejay Mining.
Newmont Mining (NYSE:NEM) US$63.15, Mkt Cap US$50bn – Moving to control of Yanacocha
Newmont Mining has moved to take control of South America’s largest gold mine, Yanacocha, via the US$300m acquisition of the 43.65% interest in the mine held by Buenaventura.
Additional contingent payments of up to US$100m “in part tied to higher metal prices”.
The Yanacocha mine in Peru has been in production since 1993 and according to the company’s December 2021 presentation is expected to produce 225,000oz of gold in 2022 at an all-in-sustaining cost of US$1,375/oz.
Newmont says that it “may also have an opportunity to fully consolidate ownership of Yanacocha, as Sumitomo is assessing whether to exercise a right in its 2018 purchase agreement to return its 5% interest to Yanacocha in exchange for the original purchase price”.
Newmont says that following the acquisition it is “updating previously issued attributable development capital guidance to account for the sulfides project” at Yanacocha with US$2.3bn expected in 2022 and US$2.2-2.4bn in 2023, US$2.0-2.2bn in 2024, US$1.3-1.5bn in 2025 and US$1.0-1.2bn in 2026.
The sulphides project is “expected to add average annual production of 525,000 gold equivalent ounces per year with all-in sustaining costs between $700 and $800 per ounce for the first five full years of production (2027-2031)”. A formal investment decision on the project is expected during H2 this year.
Newmont will also “transfer its ownership interest in the La Zanja joint venture to Buenaventura in exchange for royalties on any future production from the La Zanja operation. Newmont will also contribute $45 million to Buenaventura to cover future closure costs at La Zanja”.
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
Prince Frederick House
35-39 Maddox Street London
W1S 2PP
*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