Equities substantially underperform materials in 2022
Nickel was our top-performing basket in December, managing 7% for the month, with our explorer/developer basket managing 10%. This was a great result compared to the rest of the sector and, indeed, equity markets as a whole, but still underperformed LME nickel! The basket was down 28% for the year though, at odds with LME nickel at +43% and nickel sulphate at +3%. Lithium equities were the year's best performers with our Lithium Explorer basket up 50% y/y. It was a mixed year for developers and producers. While SQM has been a standout among producers in general, and brine producers...