Still wary on Macro; Stay Defensive
May was a tough month for our equity baskets, almost across the board. The long-awaited lithium price realisation from the US-listed lithium producers rather caught us by surprise but supplied some good performance for our Lithium producers basket, which made it our best performer for the month. We unfortunately are not so sanguine about the outlook for June, with equity market volatility continuing to be the dominant force. While we are more positive about the near-term outlook for materials prices, with Shanghai going back to work and logistical issues likely to improve in China, we note that the market is...
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Brine
Cobalt
Developers
Explorers
Graphite
Hard rock
Lithium
Midstream
Nickel
Producers
REE
