No time to take outsize bets!
If we could have, we would have repeated our headline from last month (Stay defensive into October)! Last month we cautioned about macroeconomic factors and that’s what worries us again this month with US interest rate expectations causing markets to flip flop around, almost on a daily basis. On a fundamental basis, with battery materials demand growth slowing, there’s nothing to get really excited about in battery raw materials land, with the exception of graphite where the goalposts have well and truly been moved. Nevertheless, we think we’ll need to see a recovery in Chinese graphite prices before focus will...