November Materials Ranking
Nickel is still our most preferred material in our November Materials Ranking. Although it succumbed to some profit taking in October, it is still the material with the tightest supply/demand fundamentals and the continued fall in LME and Shanghai exchange stocks suggests that further squeezes are possible, if not likely. Cobalt lost two ranks on profit taking following as re-stocking seems to have petered out for now. Lithium chemicals are still hugging the bottom of our ranking. Although we believe that we are closer to the trough in prices than the peak, we struggle to see what catalysts there are...