Jan Materials Round-up: Nickel loses top spot, HP Mn takes over
Nickel lost the top spot in our Materials Ranking in January as the high LME inventory position continues to cloud the short-term outlook. Nickel prices are at marginal cost levels so there is relatively little downside from here, but the commodity seems to be in a channel for the time being. High Purity Manganese goes top of our list on positive price momentum, while Cobalt moves up four spots on signs of re-stocking. We were becoming more constructive on Spodumene concentrate but the CoronaVirus outbreak hanging over China could torpedo a recovery for the time being...