Downstream continues to outperform Upstream
The bounce in EV makers (BYD and Tesla) meant that our EV basket outperformed most producers and developers of battery materials with our nickel basket being a notable exception, buoyed by the strength in Talon Metals following a major discovery. There are areas of strength through the battery materials sector, with our graphite, nickel and rare earths baskets all up double digit percentages YTD, but overall it’s a pretty sad market for raw materials stocks. We continue to be surprised that our REE basket is not up more. Given ongoing tension between the US and China and shortages of REE...
Topics
Brine
Cellmakers
EV Makers
Graphite
Hard rock
Lithium
Manganese
Nickel
REE
