Metals

Metals Market Context

• -LME warehouse stocks near multi-year lows across base metals complex
• -China Caixin Manufacturing PMI: 50.5 (expansion territory)
• -Copper treatment charges (TC/RCs) compressing on tight concentrate supply
• -Green capex tailwinds: grid buildout, EV infrastructure, data centers
• -Central bank gold buying provides structural floor for precious metals
• -LFP chemistry gaining share vs NMC, reducing cobalt demand intensity
• -Lithium spot prices stabilizing after 80%+ correction from 2022 peak