Midstream dominates in February
Our Midstream basket was the outperformer in February, and within it, it was the Korean cathode makers that led the way, with L&F (KRX:066970) up 16% and EcoProBM (KRX:247540) up 15%. The market was generally positive on the Midstream space with even perpetual laggard Umicore (EBR:UMI) up 10% during the month. Most cathode makers suggest that they have raw material passthrough clauses with cellmakers so one assumes that the market feels that these producers will be insulated from runaway raw material prices. Downstream weakness continued with both our Cell maker and EV maker baskets down 5%. Nickel was the best...