SP Angel . Morning View . Thursday 27 02 20

Investors continue to cut risk on pace of coronavirus infection

 

MiFID II exempt information – see disclaimer below   

Edenville Energy* (EDL LN) 0.6p, Mkt Cap £3.7m – Operations update

KEFI Minerals* (KEFI LN) – Hawiah Exploration Project Update

Keras Resources* (KRS LN) – Calidus gains value on higher gold price and falling Australian dollar following Keras distribution.

Phoenix Copper* (PXC LN) – Raises US$2m to advance Red Star 

Rio Tinto may sell Pacific aluminium business as it cleans up its carbon act

Tri-Star Resources* (TSTR LN) – SPMP management changes

 

Copper & the Coronavirus 

  • LME copper and other metal inventories look set to rise further as consumers look to raise cash from their metal stocks.
  • Will manufacturers decide to :
    • stock up in case of transport disruption and keep working
  • or
    • offload metal in case of potential lock-down and workforce issues?
  • In China:
  • Manufacturers have lost three to four weeks in Hubei and we think are starting to return to work in some parts.
  • Copper production was hit in Hubei
  • Other provinces went back to work after an extended break so only lost maybe a week but suffered major logistical disruption
  • Credit problems in China now – as many business were overleveraged with debt anyway. The government is injecting liquidity into the system to support businesses.
  • Regionally:
    • China is well practiced and relatively well disciplined when it comes to viral control, though it lacks Western-style health services.
    • Europe is likely to be arrogant in its ability to manage the virus and will likely be overwhelmed as it lack spare medical capacity. We expect military field hospitals to be part of the solution.
    • The US will ‘Panic Now, Hollywood style’ but may be able to hold back the virus till summer comes and a vaccine is ready.
  • Europe feels as if it may be in a state of panic with so many cases in Italy and new Coronavirus cases popping up everywhere else.
  • LME metal stocks in China may show a stock build representing two to three weeks of disruption by many manufacturers plus a bit of metal in LME warehouses to serve as cash reserves
  • We are likely to see premiums rise in the US due to lower of copper shipments from China, partly due to lower smelter production and logistical delays.

 

Tanker charter rates fall over 80% due to coronavirus (Reuters)

  • The COVID-19 virus has been described as “hugely disruptive” for the shipping industry, according to the Secretary General of the International Chamber of Shipping.
  • The virus has caused severe disruption all along the supply chain,  as it has triggered a massive decrease of raw material imports into China, and a shortage of containers in the US as manufactured goods are not getting out of China and being transported back to the US.
  • The German shipowners’ association said in its annual news conference this week that operations in China were restricted due to a lack of workers in ports, as workers there continue to stay at home in fear of catching the virus.
  • Crude oil tanker levels to China have also fallen. The EIA has lowered its forecast for Chinese oil demand in 2020 by 190,000 bpd in its February Short Term Energy Outlook (Hellenic Shipping News).

 

Coronavirus

  • President Trump comments the Coronavirus threat to American people remains low
  • Japan orders all schools to shut by March 2nd
  • Two more cases reported in the UK

 

Ferro-vanadium price fell -0.8% to $28-30.05/kg V in Western Europe for 78% grade material (FastmarketsMB)

  • Vanadium prices remain under pressure on low consumer demand

 

Dow Jones Industrials

 

-0.46%

at

26,958

Nikkei 225

 

-2.13%

at

21,948

HK Hang Seng

 

+0.31%

at

26,779

Shanghai Composite

 

+0.11%

at

2,991

 

 

 

 

 

 

 

 

 

 

Economics

US – Markets are pricing in a rate cut in June followed by a second drop in September on worries the virus outbreak may significantly damage global economic growth rates.

  • The coronavirus has infected more than 80,000 people and killed nearly 2,800 with majority of cases recorded in China.
  • 10 year government bond yields set a record low of 1.2940% overnight with the 3m-10y spread going negative 21bp.
  • Equity index futures are pointing to further losses today trading 0.5-0.6% down on top of a 0.4-0.5% drop recorded on Wednesday.
  • The MSCI All-Country World Index dropped for a sixth straight day with Japan’s benchmark leading declines major indexes.

 

Japan – A woman working as a tour-bus guide in Japan has tested positive for the coronavirus for a second time, according to Reuters.

  • Though uncommon, second positive tests have been recorded in China.
  • The woman was first tested positive in late January and was discharged from hospital after recovering on February 1.
  • However, she reported to the hospital with a sore throat and chest pains and was diagnosed with a virus again on Wednesday.
  • Japan is estimated to have 190 confirmed cases which is separate from 704 reported from an outbreak on the Diamond Princess cruise ship.
  • In an effort to contain the spread of the virus, Tokyo Olympics officials are considering scaling down the torch relay.

 

South Africa – Virus fears dull positive budget sentiment 

  • South Africa’s main stock index fell 1.1% by 10am in Johannesburg, with concerns over the virus spreading through Africa countering positive sentiment due to Wednesday’s budget speech.
  • Markets closed higher yesterday for the first day in five, after the country’s finance minister outlined the nation’s budget which committed to cutting spending and providing consumer tax relief.
  • A collective of mining stocks retreated for a fourth day, down to the lowest since the 6th of December, as weakness among diversified miners was countered by gains from gold producing companies.
  • Mining stocks which fell in this morning in Johannesburg include:  BHP -1.8%, Anglo American -2%, Exxaro -1.8%, Glencore -1.7% and African Rainbow Minerals -1.1%.
  • Gold producers which saw improvements include: AngloGold +2.2%, Gold Fields +1.3%, Harmony +0.9%, DRDGold +2.5%.

 

Nigeria – government licenses two gold refineries 

  • The country’s government has licensed two refineries to produce gold for export, and for the bank to hold in its reserves.
  • The Minister of Mines and Steel Development told reporters that licenses have been issued and the central bank would be the main off-taker.

 

Currencies

US$1.0945/eur vs 1.0893/eur last yesterday.  Yen 109.97/$ vs 110.25/$.  SAr 15.332/$ vs 15.286/$.  $1.294/gbp vs $1.298/gbp.  0.657/aud vs 0.658/aud.  CNY 7.014/$ vs  7.018/$.

SA rand and Australian dollar collapsing on coronavirus concerns

 

Commodity News

Gold US$1,647/oz vs US$1,652/oz yesterday

   Gold ETFs 84.3moz vs US$84.4moz yesterday

Platinum US$918/oz vs US$935/oz yesterday

Palladium US$2,800/oz vs US$2,733/oz yesterday - Norilsk Nickel expect palladium consumption to increase 100koz this year (FT)

  • The world’s largest producer of palladium expects consumption to increase as carmakers in China and Europe reduce emissions to meet tougher regulatory standards.
  • Despite the well-documented surge in price, Norilsk doesn’t expect the metal to be substituted in autocatalysts, saying “ carmakers have little appetite for changes in the catalysts chemistry as their engineering resources are focused on meeting new tighter emission legislation and RDE testing’.
  • Norilsk expect palladium supply to decrease by 2% to 7.1moz this year resulting in a market deficit of 900koz, due to reduced output in South African and Russian mines.
  • On Wednesday, Norilsk announced its net profit jumped 95% in 2019 compared to the previous year, driven by increased outputs along with strong nickel and palladium prices.

 

Silver US$18.01/oz vs US$18.13/oz yesterday

            

Base metals:    

Copper US$ 5,648/t vs US$5,667/t yesterday

Aluminium US$ 1,696/t vs US$1,702/t yesterday

Nickel US$ 12,435/t vs US$12,425/t yesterday

Zinc US$ 2,036/t vs US$2,044/t yesterday

Lead US$ 1,818/t vs US$1,837/t yesterday

Tin US$ 16,420/t vs US$16,650/t yesterday

            

Energy:            

Oil US$52.7/bbl vs US$54.3/bbl yesterday

Natural Gas US$1.783/mmbtu vs US$1.849/mmbtu yesterday

Uranium US$24.80/lb vs US$24.80/lb yesterday

            

Bulk:    

Iron ore 62% Fe spot (cfr Tianjin) US$85.8/t vs US$88.3/t - Vale iron ore container runs into trouble off Brazilian coast (Seatrade Maritime News)

  • A Very Large Ore Carrier (VLOC) has run aground after leaving Vale’s Ponta da Madeira Maritime Terminal in the state of Maranhao.
  • The company said in a statement that the ship was damaged after leaving the port, and port officials have said that the ship is stranded with an iron ore load.
  •  According to Refinitiv, the sip was heading to the Chinese city of Qingdao, with 275,000t of iron ore on board.
  • The vessel is owned by Polaris Shipping, whose VLOV sank in March 2017 killing 22 people.
  • The crew of 20 have been evacuated, and Vale have sent tug boats to aid the ship.
  • Vale’s share price was down more than 9% on Wednesday, however this is thought to be more attributed to global concerns of the coronavirus spreading.

Chinese steel rebar 25mm US$534.2/t vs US$535.6/t

Thermal coal (1st year forward cif ARA) US$57.5/t vs US$56.8/t - US regulators block joint venture between top coal miners

  • US regulators are moving to block a proposed a joint venture between Peabody Energy Corp and Arch Coal, arguing that the JV would eliminate competition in the largest US basin.
  • According to a statement from the Federal Trade Commission on Wednesday, a complaint has been filed in its in-house administrative court seeking to block the companies from combining their operations in the Powder river Basin region.
  • The two biggest US producers have said they will challenge the decision, arguing that the JV is required to ‘compete in today’s marketplace with electricity produced from coal’.
  • The companies said the entire venture could offer as much as $820m in savings, a potentially vital cost cut in an industry struggling to withstand environmental concerns and compete with cheap natural gas prices.
  • The decision comes despite President Trump vowing to support the domestic mining industry.

Coking coal swap Australia FOB US$159.5/t vs US$160.0/t

            

Other:   

Cobalt LME 3m US$33,500/t vs US$33,750/t

NdPr Rare Earth Oxide (China) US$40,065/t vs US$40,253/t - Lynas receives three-year license for Malaysian rare earth plant

  • The rare earths group has received its operating license from the Malaysian Atomic Energy Licensing Board (AELB), valid until early March 2023.
  • The three year license is subject to key conditions that include not importing materials carrying low-level radioactive waste into Malaysia by July 2023.
  • The renewal removes a key risk for the company, and the announcement has sent shares up 11% (Reuters).

Lithium carbonate 99% (China) US$5,632/t vs US$5,628/t

Ferro Vanadium 80% FOB (China) US$29.0/kg vs US$29.0/kg

Antimony Trioxide 99.5% EU (China) US$5.1/kg vs US$5.1/kg

Tungsten APT European US$240-245/mtu vs US$240-245/mtu

Graphite flake 94% C, -100 mesh, fob China US$540/t vs US$540/t

Graphite spherical 99.95% C, 15 microns, fob China US$2,550/t vs US$2,550/t

 

Battery News

Tesla’s relationship with Panasonic looks increasingly strained 

  • The Californian auto maker has curtailed plans to produce solar panels for Gigafactory 2 in upstate New York in partnership with Japanese electronics company Panasonic.
  • The reasons for the decision are thought to be the panels produced by Panasonic not sufficiently resembling regular roof tiles as Tesla intended and Tesla’s partnerships with Chinese competitors of Panasonic. (Financial Times)
  • The move increases uncertainty about Tesla’s solar business which has scaled back operations since purchase in 2016. Production will stop at the end of May and Panasonic will have exited the factory by the end of September. (Reuters)
  • It is not thought the withdrawal of Panasonic will have an impact on Tesla’s operations, nor will it significantly impact Panasonics annual profit forecasts.  
  • The two giants are set to continue their battery partnership but Panasonic CEO Kazuhiro Tsuga has also come out and said there are no plans to build an automotive battery plant in China.
  • Panasonic shares closed down 0.9%

 

Researchers looking to go green in the battery supply chain 

  • Although EV and their associated batteries are a far more carbon and environmentally friendly transport solutions that petrol or diesel alternatives the materials used to build the batteries are often sourced in less environmentally friendly ways.
  • Researchers at the Korea Institute of Science and Technology (KIST) have been looking at developing a bio-based substitute for graphite, the current material of choice for anodes in lithium-ion batteries. In their search they have cooked up an anode made from silicon, carbon and corn starch. (Cleantechnica)
  • Using a thermal process similar to that of frying food the team dissolved corn starch in water mixed with oil and silicon and heated the mixture using cyclopropane. The process created a new microstructured composite material composed of micron sized carbon particles emulsifying the silicon along with an additional layer of graphite carbon. The carbon coating prevented the silicon expanding as it is prone to do when the battery is charging. (Yahoo)
  • Graphite has been labelled as one of the factors limiting the range of EV batteries. (The Engineer) Adoption of silicon anodes with any of the bio-based solutions currently being researched, including KIST’s corn starch alternative could improve battery capacity and improve charging. KIST noted that the composite materials demonstrated a capacity 4x that of graphite anode materials and enabled charging to 80% capacity in only 5 minutes. (Cleantechnica)

 

CATL hopes to raise $2.85bn to fund battery projects and working capital 

  • The Chinese battery maker will undertake a private placement of shares with hopes of raising 20bn Yuan (US$2.85) (Reuters)
  • The funds will be used to expand battery making capacity in Fujian, Jiangsu and Sichuan as well as funding an energy storage research project.
  • In a separate filing yesterday CATL announced plans to invest 10bn Yuan in a battery manufacturing base in Ningde.

 

 

Company News

KEFI Minerals* (KEFI LN) 1.5p, Mkt Cap £19m – Hawiah Exploration Project Update

(KEFI’s holds 37% of the joint venture company in Saudi Arabia called Gold and Minerals Co. Limited)

  • KEFI Minerals reports the intersection of massive sulphides in all additional 19 drill holes at the Hawiah project in Saudi Arabia.
  • These add to 26 drill holes completed in the first phase poi tinting to the presence of large-scale VMS ‘Volcanic Massive Sulphide’ mineralisation underlying a >4km ridge.
  • Copper-zinc-gold-silver sulphide mineralisation is reported to have been seen in drilling over the length of the ridge with high-grades of copper and other metals.
  • Three mineralised zones have identified:
    • Camp Lode - 1.2km long, av. width of 6m of mineralisation, Copper 1.4%; Zinc 0.6%; Gold 0.74glt and Silver 12g/t over average true width of 6.2m.
    • Crossroads Lode - 700m long, av. width of 4m, Copper 1.5%; Zinc 1.12%; Gold 0.77g/t and Silver 14.4g/t over average true width of 4.9m,
    • Crossroads Extension Lode – 1km long, av. width of 4m.
  • Management guesstimate the combination of these lodes on the sub-vertical structures drilled are likely to exceed 12mt of mineralised material and this could grade around 2% copper equivalent which might equate to the equivalent in value of a very approximate 1moz gold ore resource.
  • The team is expecting to release maiden Hawiah mineral resource mid-2020.

Conclusion: The Company completed two drilling programmes at the Hawiah project with all 19 additional holes completed in the second round intersecting massive sulphide mineralisation. Assay results are on the way for the remaining 25 holes of 45 total while the team is targeting a maiden mineral resource in mid-2020 with preliminary estimates pointing to a potential 12mt at 2% CuEq mineral inventory.

*SP Angel act as Nomad and Broker to KEFI Minerals

 

Keras Resources* (KRS LN) 0.15p, Mkt Cap £4.2m – Calidus gains value on higher gold price and falling Australian dollar following Keras distribution.

Recommendation and Valuation under review

(Keras hold an 85% interest in Societé General des Mines which holds the Nayega manganese project license in Togo)

(the Republic of Togo is entitled to a carried interest of 10% in SGM after the issue of the exploitation licence, which will have the effect of diluting Keras' 85% interest)

  • Keras reported financial result to end September 2019 earlier this week
  • The group made no sales in the reported period as it prepared to develop the Nayega manganese project in Togo though it did recover costs for the 10,000 bulk manganese shipment.
  • The group reported a loss of £471,000 for 2019 vs a loss of £584,000 in 2018
  • Administrative and exploration expenses rose to £1.15m vs £0.41m in 2018
  • Expenditure including pre-licence and reconnaissance costs were expensed as incurred.
  • Costs were offset by the recovery of £681m of expenses relating to the 10,000 bulk sample supplied to an as-yet unnamed major manganese alloy producer
  • Finance costs amounted to just £5,000
  • Change in fair value of equity investments at fair value though other comprehensive income came in at £1.6m
  • There was no impairment in the value of the Nayega manganese project.
  • The group took a writeoff on the cost of five cobalt and nickel exploration licences which have been dropped so that Keras can focus on the development of its manganese mining operation.
  • Calidus: Keras distributed its holding in Calidus Resources to shareholders last year in a demerger of its stock by way of a capital reduction scheme with Keras bearing the full cost of the demerger.
  • Calidus’ shares have recovered since the demerger to A$0.32/s highlighting the Australian market’s perceived value of their projects.
  • The rise in gold price and fall in the Australian value should make Calidus’ project look substantially more valuable than it did at the time of the Calidus share distribution.
  • Asset value: Keras had total assets of £11.5m (2018: £13.2m), and net assets of £11.2m (2018: £12.4m) accounting for a fall in the price of the now distributed Calidus shares.
  • Funding: Keras is looking to finance its expansion through offtake finance and the sale of manganese production and may look to acquire projects from future customers ‘via production sharing, royalty and other marketing arrangements’.
  • Nayega: Keras Resources plans to place an order for a larger 25,000t per month plant for its Nayega manganese mine in Togo as soon as it has permission for this scale of mine. .
  • The current plant at Nayega has capacity of 6,500tpm and presumably will run alongside any new plant to create further capacity.
  • Nageya has a JORC (2012) Code compliant Indicated and Measured Resource of 11.0Mt @ 13.1% manganese
  • Management expect to start production of saleable manganese concentrate this year just as soon as the exploitation licence is awarded.
  • Strategy: Keras’s comment that the group's strategy is to target projects that increase shareholder value by taking projects through the life cycle from feasibility to development.
  • Directors increased their stake to some 26% of the company indicating confidence in the future of the group
  • Keras recently raised £310,000 through placing approximately 207m additional shares at a price of 0.15p/share.

*SP Angel act as Nomad and broker to Keras Resources

 

Phoenix Copper* (PXC LN) 11p, Mkt Cap £4.9m – Raises US$2m to advance Red Star

Phoenix holds 80% of the Empire mining property in Idaho

  • Phoenix Copper reports that it has raised US$2m (approximately £1.5m) in order to advance the drilling of its Red Star silver deposit in Idaho where the company declared an initial, inferred resource of 103,500 tonnes, at an average grade of 173.4g/t silver, 3.85% lead, 0.92% zinc, 0.33% copper, and 0.85g/t gold.
  • In January this year, the company reported that additional outcrops of the Red Star Vein identified during the construction of drill access roads had extended the known strike length of the structure to 320m and that the main structure remained open laterally.
  • In addition, additional en-echelon veins appeared to “define a larger,multi-vein shear zone” within the wider Red Star area.
  • Commenting on the fund-raising, CEO, Ryan McDermott explained that “These funds will enable us to systematically drill the known vein system at Red Star and build onto the existing inferred silver resource reported in 2018. The planned drilling programme will target resource expansion, initial metallurgy and process engineering and development engineering.”
  • The fund-raising consists of the issue of an additional 7.9m shares at a price of 15p/share to raise US$1.54m and 12% unsecured loan notes, repayable in September 2021 to fund the balance of approximately US$0.46m.
  • Phoenix Copper “will also grant a total of 450,000 warrants to the loan note holders which will be exercisable at 16 pence per share and valid until 31 July 2022”.
  • Directors, Marcus Edwards-Jones, Dennis Thomas, and Roger Turner have each subscribed to the fundraising leaving them with holdings of 1.44%, 2.51% and 2.59% respectively.

Conclusion: The additional funds will allow the immediate start of drilling aimed at expanding the Red Star mineral resource base as well as gaining initial metallurgical and engineering data. We are encouraged to see the continuing support of members of the board and look forward to the results of the new drilling programme.

*SP Angel acts as Nomad and broker to Phoenix Copper

 

Rio Tinto may sell Pacific aluminium business as it cleans up its carbon act

  • Rio Tinto may look to sell its Pacific aluminium business as it cleans up its carbon act.
  • A chart in yesterday’s results presentation shows the Pacific aluminium as a complete outlier when it comes to carbon intensity and Rio’s other business units.
  • https://www.riotinto.com/invest/presentations/2020/annual-results
  • Note; we should also measure how aluminium and other metals compare when you consider the lifecycle of the materials produced vs their alternatives.
  • Aluminium is easy to recycle, is low weight and resists corrosion so should not look so bad from a whole life and recycling perspective.
  • What is interesting is that the Pacific Aluminium business ranks much worse than the Atlantic Aluminium business indicating that the Pacific Aluminium business should be scaled down in favour of the lower-carbon intensity Atlantic Aluminium business if one is able to replace the other.
  • Rio Tinto is targeting:.
    • 30% reduction in emissions intensity by 2030 from 2018 levels
    • 15% reduction in absolute emissions by 2030 from 2018 levels
    • Approximately $1 billion climate-related spend over next 5 years
    • Growth till 2030 to be carbon neutral
  • Maersk, the global shipping line, just secured a US$5bn credit facility linked to its environmental performance indicating that banks and investors are offering significant inducements related to CO2 emissions.
  • Maersk must reduce emissions by 60% per cargo moved by 2030, ahead of the 40% target set by the International Maritime Organisation
  • The facility runs for five years so will need to be refinanced before the 2030 deadline. Mersk is committed to become carbon neutral by 2050, an ambitious plan for a shipper.

Conclusion: Selling the assets simply moves the problem rather than solving it but we can still see the boards of major companies which appear to be Woke sensitive taking these sorts of decisions. We also suspect that high-carbon intensity business may be less economically efficient than their cleaner counterparts

 

Tri-Star Resources* (TSTR LN) 14.25p, Mkt Cap £13.6m – SPMP management changes

(Tri-Star holds 40% in ‘SPMP’(Strategic & Precious Metals Processing LLC) which owns the antimony-gold processing facility in the Port of Sohar Free Zone, Oman)

World’s first Clean Plant designed to EU Environmental standards.

Target gold capacity 50,000ozpa, antimony 20,000tpa

  • Tri-Star Resources reported yesterday that the CEO of SPMP, Steven Din “has stepped down from his position to pursue other business interests and its current Chief Operating Officer, Joel Montgomery, has been appointed as acting CEO”.
  • The company also reported that, following its earlier announcement of 9th January 2020, “negotiations between SPMP’s shareholders regarding its funding arrangements continue, although the nature and timing of any final agreement remains uncertain”.

Conclusion:  The SPMP facility in Oman is an environmentally advanced plant for the production of antimony and additionally its ability to recover gold from complex ores and concentrates opens up treatment possibilities not currently available for a number of gold deposits. The plant has, however, experienced a number of technical and financial setbacks which have resulted in deferments of expected steady-state production -  the departure of a well regarded CEO with strong technical credentials may be interpreted in some quarters as a further setback.

*SP Angel acts as Nomad to Tri-Star Resources. David Facey, a former partner at SP Angel is the CEO & CFO at Tri-Star Resources.

 

Edenville Energy* (EDL LN) 0.6p, Mkt Cap £3.7m – Operations update 

  • The Company released an operations update highlighting progress at the Rukwa coal operation since completion of the £700k capital raise.
  • The team reinstated an on-site operations advisor, ordered critical spare parts and established 6,000t in stockpiles of unwashed coal.
  • The southern open pit operations have been suspended with all economic coal now estimated to have been extracted in anticipation to relocate mining to the northern pit.
  • Mining operations are currently on stand by due to one of the wettest “rainy” seasons in many years with a restart planned during dryer weather periods.
  • The rainy season is expected to end in late April.
  • A potential strategic investor in regards to an asset level loan has recently visited the site and is in the process of carrying a due diligence.

Conclusion: The team is using the rainy season to review and make modifications to the wash plant having now established an inventory of critical spare parts to reduce any future downtime. Mining operations are expected to restart once weather improves allowing to source lower waste stripping and better quality coal from the northern area. The Company previously expected to reach cashflow breakeven level at ~4,500t of washed coal per month by May/20.

*SP Angel acts as Nomad and Broker to Edenville Energy

 

Analysts

John Meyer – 0203 470 0490

Simon Beardsmore – 0203 470 0484

Sergey Raevskiy – 0203 470 0474 

 

Sales

Richard Parlons – 0203 470 0472 

Abigail Wayne – 0203 470 0534 

Rob Rees – 0203 470 0535 

 

SP Angel                                                             

Prince Frederick House

35-39 Maddox Street London

W1S 2PP

 

*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

 

Sources of commodity prices

 

Gold, Platinum, Palladium, Silver

BGNL (Bloomberg Generic Composite rate, London)

Gold ETFs, Steel

Bloomberg

Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt

LME

Oil Brent

ICE

Natural Gas, Uranium, Iron Ore

NYMEX

Thermal Coal

Bloomberg OTC Composite

Coking Coal

SSY

RRE

Steelhome

Lithium Carbonate, Ferro Vanadium, Antimony

Asian Metal

Tungsten

Metal Bulletin

 

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