Stick with Lithium, look at Graphite and REE
November was a mixed month for battery materials equities and it was carnage at the start of December when Omicron strain concerns swept global markets. Even despite the weakness, we continue to be wary about the outlook for equity markets and suggest that only stocks leveraged to materials with improving pricing are likely to outperform. This means we continue to favour lithium and are growing more positive on graphite. With concerns about the hawkish Fed we are less positive on Downstream and, despite the strength in REE prices in November, we would add REE equities to our preferred group, primarily...