Oversupply concerns remain
Exchange-traded battery materials prices outperformed in April with nickel and copper the standout performers. Nickel sulphide prices were a bit muted. With spodumene concentrate inventories in Western Australia now declining we are becoming more constructive on Hard Rock lithium and Spodumene Concentrate moves up to fourth place in our Materials Ranking. High Purity Manganese remains in first place despite a dearth of price points, with Vanadium in second and Nickel in third. REEs move down two places on relatively muted fundamentals.