SP Angel . Morning View . Thursday 23 04 20
Markets steady on record low Euro PMIs and US Congress $0.5tn vote
Adriatic Metals* (LON:ADT1) – Progress on permitting at Veovaca
Anglo American (LON:AAL) – Production report and 2020 guidance revisions
Ariana Resources* (AIM:AAU) – Kiziltepe mineral resource update
Kavango Resources (LON:KAV) – Modelling of results from recent drill program to identify priority drill targets
Versarien* (LON:VRS) – Rolls Royce selected to work with Versarien on graphene for wiring for aerospace engines
Eurozone – Manufacturing and services PMIs touched record lows amid heights of COVID-19 containment measures in April.
Flash Composite PMI plummeted to an all-time low of 13.5 this month which compares to the lows of 36.2 recorded in Feb/09.
Job losses were the steepest on record in the services sector as such sectors as hospitality, accommodation, restaurants, travel and tourism drew to a halt.
Declines in manufacturing payrolls were the sharpest since Apr/09.
“The employment decline reflected furloughed workers, but even if these workers are excluded the fall in employment was still among the steepest ever recorded by the survey,” the report read.
“The extent to which the PMI survey has shown business to have collapsed across the eurozone greatly exceeds anything ever seen before in over 20 years of data collection.”
“Our model which compares the PMI with GDP suggests that the April survey is indicative of the eurozone economy contracting at a quarterly rate of approximately 7.5%,” Markit wrote.
Markit Flash Manufacturing PMI: 33.6 v 44.5 in March and 38.0 est.
Markit Flash Services PMI: 11.7 v 26.4 in March and 22.8 est.
Markit Flash Composite PMI: 13.5 v 29.7 in March and 25.0 est.
World Steel Association - Global production falls 6% march
Global crude steel production fell 6% to 147mt in March compared to the same period in 2019, as Covid-19 forced the closure of blast furnaces.
Output from top producer China only saw a modest fall in production, with output down 1.7% in March to 79mt.
Other regions have been hit harder, such as Europe and Japan, due to falling demand from the automotive and construction sectors.
Elsewhere in Asia, Japanese output fell 9.7% in March to 8.2mt, while Indian production fell 13.9% to 8.7mt.
In the West, production in the EU fell 20.4% to 8.2mt whilst production in N. America dropped 9.4% to 9.7mt.
Miners helping local communities prepare for COVID-19
We know from the Ebola outbreak that mining companies are brilliant at organising health security for mines and local communities.
Their sense of comradeship, loyalty and duty to the men they work with and the communities they come from is clear to see in the companies we visit.
While the Coronavirus may be harder to stop than the Ebola virus we are already hearing positive news from the field of exploration teams working with villagers to prepare for the disruption of the virus and in the education of tribal elders.
SolGold and Auriana Resources are both working with villagers to ensure supplies are in place to help those affected by the virus in Ecuador.
These measures will help local communities survive better through the pandemic
Auriana are trying to procure some rapid antibody tests for COVID-19 so they can test everyone headed into the field to help protect isolated communities. The Auriana team have already organised delivery with government agencies of 8t of provisions to 970 families in 41 communities as many indigenous people have pulled back to remote villages from the towns.
Kefi Minerals* (Ethopia) provided beds and bedding for an isolation centre to support local COVID-19 precautions along with overhauling procedures for engagement with households in preparation for their $20m resettlement and development programs starting Q4 this year.
Vast Resources have pledged assistance with offering medical equipment to the Ministry of Health and sourcing some ventilators and masks in Zimbabwe. They report the government of Romania are doing a pretty good job of addressing the Covid issues and are still working at Baita with limited staff social distancing and disinfecting the equipment to maintain the restart programme.
Sunstone Metals (Ecuador) have provided 100 families with food packs as workers near their Bramaderos site returned to nearby farms for the harvest season. Ecuador has been hit hard by the Coronavirus but locals are keen to get back to work.
Barrick Gold have acquired 800,000 finger-prick antibody testing kits for the screening of workers and communities living close to its mines.
The screening will help control the virus through the isolation of anyone carrying the disease enabling local healthcare to better manage.
We will report further on the good work being done by mines in local communities through this public health crisis.
Dow Jones Industrials
HK Hang Seng
US – House of Representatives is expected to approve on the ~$500bn aid package marking the fourth coronavirus measure passed by Congress and would boost the overall fiscal financial response to almost $3tn.
Initial jobless claims are due later today with markets expecting 4.5m new applications as a number of US states remain in lockdown.
China – Harbin, a northeastern city of 10 million people and the provincial capital of Heilongjiang, has further restricted inbound traffic yesterday.
Authorities banned entry to residential zones by non-locals and vehicles registered elsewhere.
Additionally, authorities ordered a 28 day quarantine for all arrivals from abroad with two nucleic acid tests and an antibody test for each.
A 14-day lockdown for residences with confirmed and asymptomatic cases is also applied.
The city that has close air links with Russia reported seven new cases on Tuesday taking the total of local infections to 52 (excluding people already discharged) with around 1,400 people currently being observed for signs of the virus.
EU leaders are set to discuss a €2tn plan today to aid recovery of local economies, Bloomberg reports.
The draft plan has not been seen by the EC President Ursula von der Leyen or her cabinet, according to her spokesman.
UK - The Chief Medical Officer advises Britain to prepare for a year of disruptive social distancing
The lockdown in will not come to an end soon with many Britons required to wear face masks on public transport and in shops.
In DIY Britain people may be required to make their own face masks as the government refuses to make masks available to the public.
Ministers are to also consider how to ease restriction while avoiding a near-certain, second, higher, wave of coronavirus.
The UK is leading the way on new vaccine development, with human trials starting today according to The Telegraph.
Problem is that the UK does not have large-scale vaccine manufacturing these days due to vaccine companies having being bought up, carved up and moved to Europe.
Germany – Services PMI came in at the weakest level on record while manufacturing PMI was at a 133-month low in April.
“April’s PMI surveys reveal the full effects of the COVID-19 pandemic and subsequent lockdown on Germany’s economy, showing business activity across manufacturing and services falling at a rate unlike anything that has come before. Compared to a low of 36.3 during the financial crisis, the headline PMI’s reading of 17.1 paints a shocking picture of the pandemic’s impact on businesses,” Markit commented on numbers.
Consumer confidence collapsed in May driven by the pandemic containment measures such as lockdown.
The survey was conducted April 1-14, before the government started to ease lockdown restrictions, Bloomberg reports.
GfK Consumer Confidence: -23.4 v 2.3 in April and -1.8 est.
Markit Flash Manufacturing PMI: 34.4 v 45.4 in March and 39.0 est.
Markit Flash Services PMI: 15.9 v 31.7 in March and 28.0 est.
Markit Flash Composite PMI: 17.1 v 35.0 in March and 28.5 est.
France – Both services and manufacturing PMIs slide to record lows in April.
“Going forward, there are two key areas of focus. Firstly, how quickly will measures be lifted as the gradual easing of restrictions begins on the 11th of May? This will give the clearest indication on how fast we can expect activity to recover in the short-term. Secondly, will the easing of restrictions lead to a second outbreak of the virus? If so, any remaining hopes of a so-called ‘V-shaped’ recovery will vanish,” Markit commented on the outlook.
Business sentiment recorded the sharpest monthly drop in April reaching the weakest level since the measure began in 1980.
Business Confidence: 62 v 94 in March and 80 est.
Markit Flash Manufacturing PMI: 31.5 v 43.2 in March and 37.0 est.
Markit Flash Services PMI: 10.4 v 27.4 in March and 24.5 est.
Markit Flash Composite PMI: 11.2 v 28.9 in March and 24.5 est.
Spain – Parliament extended a state of emergency to May 9.
This is a third extension since the lockdown was announced in March.
Spain recorded a small increase in the number of new cases yesterday, but generally the latest numbers have been steady.
US$1.0806/eur vs 1.0860/eur yesterday. Yen 107.81/$ vs 107.58/$. SAr 18.950/$ vs 18.912/$. $1.233/gbp vs $1.231/gbp. 0.634/aud vs 0.633/aud. CNY 7.075/$ vs 7.084/$.
Gold US$1,712/oz vs US$1,687/oz yesterday - Zimbabwe - March gold output declines 32% YoY
Gold production fell to 1,771kg in March vs 2,616kg a year earlier - due to power outages and inefficient mining and processing methods according to Fidelity Printers and Refiners.
The country is targeting an increase of production to 35 tons this year from 27 tons last year.
Gold ETFs 95.1moz vs US$94.6moz yesterday
Platinum US$763/oz vs US$742/oz yesterday
Palladium US$1,979/oz vs US$1,969/oz yesterday
Silver US$15.24/oz vs US$14.77/oz yesterday - The Silver Institute - Investment demand will drive higher prices in 2020
According to the Institute's World Silver Survey 2020, a global slowdown as a result of the Covid-19 pandemic will reduce the metal's industrial demand, however this will be offset by increased investment demand.
Mine production is expected to decline by 5% this year to 798moz, and overall global supply is forecast to fall 4% to 978moz - its lowest since 2009.
Total industrial fabrication is expected to fall 7% with losses seen across all areas within this sector, whilst jewellery and silverware demand is also expected to suffer losses.
Analysts at Metal Focus expect these declines to be partly offset by the estimated 16% increase in bar and coin demand, owed to strong interest from the retail investment sector.
As a result of this offset, global demand is expected to fall by 3% to 963.4moz, resulting in a market surplus of 14.7moz - 53% smaller than 2019.
The institute expects another strong year of inflows into the silver ETF markets as well as net buying by institutional investors as a result of a favourable macroeconomic environment for silver and gold.
These factors are expected to drive the price of silver upwards, with the institute predicting a year-end price of around the $19/oz mark.
Copper US$ 5,162/t vs US$5,038/t yesterday – LME stocks fall by 1,100t with another 4,400t of cancelled warrants
Antofagasta say Q1 copper production rise 4.6% qoq to 194kt up 4.6% using just 2/3rds of workforce and social distancing reducing net cash costs.
Note Antofagasta will be hit by provisional pricing as the value of their shipments fell heavily between Q4 and Q1. We could estimate the hit but it would be a shame to tarnish the sterling efforts of this great company.
Chinese smelters rely on copper concentrates for around 80% of their supply, much of which comes from Chile and Peru.
Smelters are increasingly concerned that supplies may be cut as the Coronavirus spreads through Latin America
Aluminium US$ 1,518/t vs US$1,491/t yesterday - Chinese aluminium inventories fell 136,000t this week
Inventories of primary aluminium ingots fell 9.1% to 1.359mt as demand remained strong amid weak inflows (SMM).
Stocks have fallen for three weeks in a row as demand picks up due to China emerging from the Covid-19 crisis.
Nickel US$ 12,215/t vs US$11,865/t yesterday - Indonesia implements floor price for nickel ore
The country's Energy and Mineral Resources Ministry is to implement a floor price on nickel ore, preventing local smelting companies from buying ore at prices deemed too low.
In the government's opinion, since the country banned exports of nickel ore, local smelters have capitalised on this and resulted in nickel ore trading at artificially low prices.
Under the new rules due to take effect on the 14th of May, a monthly benchmark price for nickel will be set by the ministry and used as a floor price.
The ministry will allow for a price at maximum 3% below the floor price according to the regulators.
Chinese ports are also reportedly running short of nickel ore potentially cutting production of stainless steel (Reuters)
Zinc US$ 1,904/t vs US$1,908/t yesterday
Lead US$ 1,667/t vs US$1,657/t yesterday
Tin US$ 15,235/t vs US$14,700/t yesterday – Tin mines are reported to be short of Chinese workers due to Coronavirus restrictions in China.
This may cause problems for Chinese smelters which unofficially rely on Myanmar for 30-40% of their concentrate supply.
Oil US$21.4/bbl vs US$16.8/bbl yesterday
Natural Gas US$1.938/mmbtu vs US$1.812/mmbtu yesterday
Uranium US$32.85/lb vs US$32.55/lb yesterday
Iron ore 62% Fe spot (cfr Tianjin) US$82.4/t vs US$81.0/t
Chinese steel rebar 25mm US$528.6/t vs US$526.5/t
Thermal coal (1st year forward cif ARA) US$53.8/t vs US$53.9/t
Coking coal swap Australia FOB US$127.0/t vs US$130.5/t
Cobalt LME 3m US$30,000/t vs US$30,000/t
NdPr Rare Earth Oxide (China) US$36,886/t vs US$36,769/t - MP Materials awarded US funding for rare earth facility
The company announced yesterday it has been awarded funding by the US Department of Defence for its rare earth processing facility in California.
The amount of funding was not disclosed, however the company said it will used the funds for planning and design work.
Yesterday, we reported that rare earth producer Lynas has been awarded a Phase-1 contract by the US DoD to build a US-based heavy rare earths separation facility.
Lithium carbonate 99% (China) US$5,441/t vs US$5,434/t
Ferro Vanadium 80% FOB (China) US$27.0/kg vs US$27.0/kg
Antimony Trioxide 99.5% EU (China) US$4.9/kg vs US$5.0/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$2,450/t vs US$2,550/t
Study claims collection of deep-sea minerals could provide sustainable EV future
An Independent study conducted on behalf of DeepGreen Metals (deep sea mining firm) has pointed to deep sea mineral collection as an alternative to mining. (AutoCar)
The 12-month Life Cycle Sustainability Assessment looked at the environmental impact of land mining vs the collection of mineral rich polymetallic modules from the ocean floor to produce 1bn EV batteries.
The key minerals in EV production; lithium, nickel and cobalt are all found in the polymetallic nodules. (Autoevolution)
The study found 70% less CO2 and 100% less solid waste was produced from harvesting the ocean floor. 93% less wildlife was found to be at risk and the operations would cause 94% less stored carbon risk.
DeepGreen intends to conduct a further multi-year study into the long-term effects on the seabed.
Faradion receives first order for Sodium-Ion batteries
Faradion Ltd based in the UK has received a first order for their sodium-ion batteries from ICM Australia. (Edu business news)
ICM expects to be able to make Faradion’s sodium-ion batteries available to the Australasian market later this year.
Faradion’s technology replaces cobalt and lithium with more abundant sodium, lowering the cost of battery production whilst maintaining a similar level of performance.
The batteries exhibit excellent thermal stability and safety and have a patented zero-volt capability enabling safe transportation and maintenance. (Motoroids)
The prototype cells can deliver energy density greater than 140Wh/kg and current designs provide both gravimetric and volumetric energy densities similar to lithium-ion batteries and higher than lead-acid batteries. (Green Car Congress)
Faradion is exploring having a manufacturing presence in India, a market showing significant progress in EV adoption and an alternative to China. (Yahoo Finance)
Volvo to maintain EV budget despite cuts
Volvo CEO Hakan Samuelsson has come out and said that EV and self-driving budgets will remain untouched as the Company looks to make cuts. (Electrek)
He stated that electrification and autonomous driving remain a priority and will be safeguarded to protect the company’s overall strategy.
Volvo hopes to release an electric model each year to 2025 and is targeting 50% of its sales being EV vehicles by 2025. (Car Insiders)
Volvo has decided to jump with both feet into EVs. The Company has sided with the California government in opposition to President Trump proposed changes to emissions rules and began offering plug-in hybrids on subscription plans in February.
Adriatic Metals* (ADT1 LN) 60.9p, Mkt Cap £109.5m – Progress on permitting at Veovaca
Adriatic Metals reports that the Ministry of Environment and Tourism has issued a positive Record of Decision (RoD) for the Veovaca Environmental Permit, one of the key approvals required for the issue of the Exploitation Permit.
The company says that ʺWith the RoD received, the Environmental Permit will be issued by the Ministry as the RoD is final and cannot be challengedʺ.
Adriatic Metals also confirms that it has also been granted permission to demolish the historic Veovaca Plant site, and has also received ʺPreliminary Water Permits covering the Veovaca Mine, Plant and Tailings Storage Facility, including an accumulation pond for excess water capture.ʺ
The Permit is required to be issued within 30 days from the date of the RoDʺ.
Paul Cronin, CEO, said that ʺThe receipt of the RoD is a major step forward in the permitting of the Vares Project, and despite all the challenges being presented to government in the current COVID-19 crisis, demonstrates the Bosnian Government's willingness to advance the project as quickly as possible. We continue to appreciate the consultative and cooperative approach of the various branches of government in Bosnia and look forward to the continual advancement of the Vares Project".
Conclusion: Progress on permitting Veovaca despite the restrictions imposed by the Covid19 pandemic will allow Adriatic Metals to advance the project.
*An SP Angel mining analyst has visited Adriatic Metals operations in Bosnia
Anglo American (AAL LN) 1382.2 pence, Mkt Cap £18.53bn – Production report and 2020 guidance revisions
Anglo American’s production report for the three months to 31st March 2020 shows an overall decline of 4% in production with strong performances at individual operations, including the production ramp-up at Minas Rio and a strong performance from the Collahuasi copper mine where improved throughput and recovery rates partially offset lower production elsewhere in the copper operations.
Metallurgical coal production declined by 8% to 38mt reflecting the timing of scheduled longwall face moves.
The company also highlights the completion of its $0.5bn acquisition of Sirius Minerals which is developing the Woodsmith polyhalite mine in Yorkshire.
On a year-on-year basis, diamond production slipped 1% to 7.75m carats during the quarter reflecting a 19% decline in production at the Canadian operations to 844,000 carats following the closure of the Victor mine and of 5% in Botswana to 5.64m carats, offset by increases from Namibia (up 6% to 511,000 carats) and S Africa (up 97% to 751,000 carats).
Covid19 containment measures in southern Africa and the preponderance of southern African diamond production has prompted a downward revision of 2020 production guidance to 25-27m carats from the previously released range of 32-34m carats.
Overall copper production declined by 9% year-on-year to 147,000t with water shortages in Chile’s Central Region reducing throughput at Los Bronces by 42% from 12mt to 7mt resulting in a 25% fall in copper output partly offset by increases in both throughput, grades and recovery and hence output at Collahuasi and broadly stable production from El Soldado.
Copper production guidance for 2020 remains unchanged at 620-670,000t.
"Platinum and palladium production both decreased by 7%, to 440,900 ounces and 303,100 ounces, respectively". The load-shedding restrictions implemented by ESKOM curtailed the operation of the concentrators and was exacerbated by the "initial impact of the 35-day lockdown implemented in South Africa from 27 March in response to COVID-19, in particular with underground operations going onto care and maintenance."
Production guidance for platinum production has been revised downwards to 1.5-1.7moz (from the previous 2.0-2.2moz range) and that for palladium to 1.0-1.2moz from the previous indicatioed figure of around 1.4moz.
Production from the South African iron-ore operations of Kumba remained broadly unchanged at 9.45mt (Q1 2019 – 9.52mt) while the ramp-up at Minas Rio continued with a 31% increase to 6.42mt (Q1 2019 – 4.91mt). The company comments that, at Kumba, "sales [are] ahead of production, [and] stock was drawn down reducing finished stock levels to 5.6 million tonnes(1) from 6.6 million tonnes as at 31 December 2019."
The company has revised its previously published production guidance for Kumba to the range 37-39mt (previously 41.5-42.5mt) to reflect the impact of South Africa’s Covid19 containment measures while the guidance for Minas Rio is unchanged at 22-24mt.
ʺExport metallurgical coal production decreased by 8% to 3.8 million tonnes primarily due to a longwall move at Grosvenor. Production at Moranbah increased, despite a roof collapse on 30 January during a long wall move, because of its extended longwall move in Q1 2019; the operation is on track for restart at the beginning of June.ʺ Guidance for the year is unchanged at 19-21mt.
South African export thermal coal output fell by 5% to 4.2mt ʺas sections at Goedehoop approach their end of life, as well as a limited initial impact from the COVID-19 lockdown in South Africaʺ. In Colombia, production declined by 10% to 2.0mt ʺas a result of planned lower production in response to weak market conditions and the initial impact of COVID-19.ʺ Guidance for thermal coal has been revised downwards to around 22mt for the year from the previous level of around 26mt.
ʺNickel production increased by 11%, [to 10,900t] benefiting from improved operational stability and the effect of a planned stoppage at Barro Alto that began in late Q1 2019ʺ. Guidance remains intact at 42-44,000t.
The company reports that its spending on exploration and evaluation was 12% lower at $61m. Exploration expenditure rose by 9% to $25m as work expanded on copper and metallurgical coal while evaluation expenditure declined by 22% to $36m as a result of lower levels of activity on the Los Bronces Underground Project in Chile and the Sakatti project in Finland, partly offset by increased spending for metallurgical coal projects.
Conclusion: Anglo American’s exposure to southern Africa where extensive restrictions to contain Covid19 are in force has prompted downward revisions to some of the 2020 production guidance particularly for diamonds, PGMs and thermal coal.
Ariana Resources* (AAU LN) 3.3p, Mkt Cap £33.9m – Kiziltepe mineral resource update
Ariana Resources reports a 25% increase in the mineral resources at its 50% owned Kiziltepe mine in Turkey to an undepleted 321,000oz of gold and approximately 5moz of silver.
The new resource estimate, reported in compliance with the JORC (2020) Code and at a cut-off grade of 1g/t gold, contains a measured and indicated resource of 2.71mt at an average grade of 2.85g/t gold and 46.6g/t silver with an additional 1.02mt of material classed as inferred at an average grade of 1.93g/t gold and 33.5g/t silver. Approximately 60% of the measured an indicated resource tonnage is classed as measured (1.63mt at an average grade of 3.21g/t gold and 50.7g/t silver.)
Ariana Resources also points out that the new estimate is 72% higher than the original estimate which underpinned the Kiziltepe Feasibility study.
The company has also listed a number of exploration targets for additional veins and vein systems at Kiziltepe ʺbased on geological modelling and grade estimations provided by along-strike extrapolation of average grades from drilled sections of the same vein systemsʺ. A total of 6 targets is described as representing targets with potential for a further 821,000t at a average grade of 2g/t gold and 29g/t silver for an additional 53,000oz of contained gold and 778,000oz of silver. These targets will of course need to be verified by further drilling and formal mineral resources estimates.
Conclusion: Ariana Resources continues to expand the mineral resource at Kiziltepe and has identified additional targets which may, in due course, result in further increases.
*An SP Angel mining analyst has visited Ariana’s licenses in Turkey
Kavango Resources (KAV LN) 0.85p, Mkt cap £1.4m - Modelling of results from recent drill program to identify priority drill targets
Kalahari Resources is working on the modelling of data from its 2019 drill program and incorporating this with third-party data to build an underground map of the Kalahari Suture Zone.
The team hold 450km of strike covering some 5,580km2 of licenses in the region over 10 prospecting licenses
The geology of the region bears distinct similarities to the magmatic sulphide Copper-Nickel-PGM rich deposits at Norilsk and Voisey's Bay.
Funding: Kvango is fully funded to through the next phase of exploration work over the Kalahari Suture Zone.
The team are also reviewing Prospecting Licenses for its Kalahari Copper Belt Joint Venture
Power Metal Resources* (POW LN) led by Paul Johnson, is working on due diligence on the the Ditau Project for a 51% interest in the project.
The Ditau project is 25km south of three carbonates which were discovered by Falconbridge Exploration in the 1970s
*SP Angel act as nomad and broker to Power Metal Resources
Versarien* (VRS LN) 61.60p, Mkt cap £105m – Rolls Royce selected to work with Versarien on graphene for wiring for aerospace engines
Versarien report that Rolls Royce has selected to work with the University of Manchester Graphene Engineering innovation Centre.
The work will focus on the use of graphene and similar materials for use in wiring for next-generation aerospace engines.
The work will use vapor deposition to coat materials to reduce weight and improve electrical performance while improving corrosion resistance.
Vapor deposition is a relatively inexpensive process which is suitable for mass production and offers advantages over many other coating processes. It’s use for graphene layering and coating could lead to significant advances in the performance of the materials it bonds with.
Graphene’s unique properties offer significant potential benefits to the wiring and other engine components.
Conclusion: The news that Rolls Royce is coming on board with a program to test graphene for aerospace engine components is exciting. The innovation to come from this project may well lead to the incorporating of graphene in a broader range of products going forward.
*SP Angel act as Nomad and broker to Versarien
John Meyer – 0203 470 0490
Simon Beardsmore – 0203 470 0484
Sergey Raevskiy – 0203 470 0474
Richard Parlons – 0203 470 0472
Abigail Wayne – 0203 470 0534
Rob Rees – 0203 470 0535
Prince Frederick House
35-39 Maddox Street London
*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
Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt
Natural Gas, Uranium, Iron Ore
Bloomberg OTC Composite
Lithium Carbonate, Ferro Vanadium, Antimony