Stick with Hard Rock lithium; wary of base metals
It’s same old, same old in terms of strategy from us this month. We continue to expect hard rock lithium to outperform the rest of the battery raw materials complex. Given ongoing concerns about global economic growth we also expect the Downstream segment to continue to outperform Upstream. So basically a repeat of June, but with better performance for lithium, and maybe some REE performance thrown in after a pretty weak few months. As noted above, global growth concerns mean we are wary on the outlook for base metals. Nickel may or may not be tarred with the same brush;...