Battery materials outperform in tough equity markets
Global equity markets struggled in October as concerns about the US elections led to whipsawing of risk appetite and a significant increase in volatility. The S&P Global 1200 index was down 3% with the Materials component down more. But the Battery Value Chain index was up 4% and the Lithium & Battery Tech ETF up 8% on broad-based strength across the battery segments. Graphite was our best-performing equity basket, up 26%, with Hard Rock Lithium and REE both up 9%. Brine Lithium was down 15% and our Manganese basket down 7% on profit-taking after a strong run.