Maintain focus on REE for now
Battery raw materials prices continued to rise in February but, at least in the second half of the month, there was a pause in equity basket performance. LME cobalt had a big pop, backed up by cobalt sulphate, and nickel sulphate prices were also robust. Lithium prices continued their march northwards and it is noticeable that the whole of the NCM cathode materials complex is having a contemporaneous move. NCM precursor prices are up 34-75% over the past three months and the fact that they have all moved together suggests to us that this is very much a demand-driven event....