The Battery Show

Recording date: 7th November 2023 Nickel prices trading this AM at $17,600 ($8.00) after trading back up to $18,000 at start of the week. Got a little boost as a few thousand tonnes came off LME inventories taking them back to where we were at the start of October. Expect nickel prices to bounce off the bottom here for the next little while until we underlying growth in both EV and stainless comes...

Recording date: 2nd November 2023 The Battery Show (Copper Bottomed, Episode 4) Copper prices hit $3.67/lb this week, up from $3.57/lb last week, partly driven by protests in Panama that threatened production at First Quantum's Cobre Panama mine. The mine contributes nearly 5% of Panama's GDP but protests erupted after the government rapidly passed a law extending First Quantum's mining concession...

Recording date: 1st November 2023 Nickel prices bounced off the $17,500-$18,000 range as expected, with inventories continuing to gradually increase. The "great convergence" continues as the premium between nickel sulphate and NPI has narrowed. Fastmarkets launched new price indexes for nickel pig iron (NPI) and mixed hydroxide precipitate (MHP) exports from Indonesia to bring more transparency to...

Recording date: 26th October 2023 Copper Bottomed, Episode 3. This week's copper exploration news highlights both positive results and poor reporting practices. Doubleview Gold reported strong copper and scandium grades but misleadingly used copper equivalents, violating disclosure rules. American Eagle Gold also reported copper equivalents despite promising 900m of 0.5% copper. Kodiak Copper repo...

Recording date: 23rd October 2023 Copper Bottomed, Episode 2. Our latest addition to the Crux Investor Batteries thematic.  The copper price has shown resilience in recent weeks, trading around $3.60/lb, despite bearish predictions of a 467,000 tonne global surplus in 2024 from the International Copper Study Group (ICSG). Major new mines are slated to ramp up production, potentially outpacing dema...

Recording date: 25th October Nickel prices bouncing off $18,000 ($8.20) again for the balance of the week. Still expect further move lower down to $17,500 level – have seen a steady increase in LME inventories (still at a low level of 45,000) up about 1-2,000 per week “Great convergence” – sulphate premium to briquette hanging in, NPI prices hanging it similar levels even with ore prices edging do...

Recording date: 9th October 2023 Copper Bottomed, Episode 1 - The inaugural show all about Copper.  A new addition to the Crux Investor Batteries thematic. Merlin Marr-Johnson provides a succinct weekly round-up of the copper market, covering the main stories and exploration results. In this first episode, as well as quotes from BHP, Rio Tinto, and Ivanhoe Mining luminaries outlining the need for...

Recording date: 17th October 2023 Has been 2 weeks since we last talked about the nickel market, and as expected market is trading down in the $18-$19,000 range and a few more thousand tonnes come on LME. Expect a further move over the next 6-8 weeks down to the $17,500 level before year-end as another 10,000 - 20,000 tonnes of nickel hits LME, and then rebound into year-end as EV demand re-accele...

Recording date: 3rd October 2023 As expected when seeing a clear break of a very long support line, the nickel price move lower was pretty aggressive down nearly $1,500 to the mid-$18K range where we were in mid-2021. I believe we’ll see a further move lower down to the $17,500 level before we begin to move higher once again into year-end. “Great Convergence” continued on as sulphate prices ticked...

Nickel had another test of $20,000 and once again it held up and trading in the lower end of range of $20-$22,000 range where it has been sitting since early June. Again, have been expecting several month break below this range but this has yet to happen – trend technically squeezing against this support level and with now seeing some LME inflows (still not much 1,000 tonnes) may finally go throug...

Recording date: 1st September 2023 Same comment as our last call - Nickel continues to bounce along the bottom of $20,000-$22,000 ($9-$10/lb) range where it's been since early June and has only briefly broken $9/lb.  LME inventories remain near multi-year lows. China is still split on 2 key markets – sulphate for battery continues to tread water, while stainless continues to edge higher, again des...

Nickel continues to bounce along the bottom of the $20,000-$22,000 ($9-$10/lb) range where it's been since early June and has only briefly broken $9/lb.  LME inventories remain near multi-year lows Stainless prices are now moving higher in multiple markets which is generally a good signal for overall market conditions.  Over the last few weeks, have seen ore prices/NPI prices move higher, now join...

Nickel dropped down to the bottom end of $20-$22,000 range that we’ve largely been in since the beginning of May – dragged lower along with the rest of the base metal complex as China deflation concerns weighed on the market.  LME inventories are still low. According to statistics from the Stainless Steel Branch of China Iron and Steel Association, China’s crude stainless steel production amounted...

Nickel briefly popped through $22,000 (10/lb) and remains in the upper end of $20,000-$22,000 where it has been sitting for the last 6 weeks. LME inventories remain low at 37-38,000 tonnes. Sulphate prices are flat and sitting at a similar discount as last week. In contrast, ore prices and NPI prices ticked higher in China – haven’t seen a rebound in stainless prices yet.  May be driven by rumours...

Recording date: 24th July 2023 Nickel continues rangebound in $20,500-$21,500 range with LME inventories remaining low at 37-38,000 tonnes After nickel price move off the $20,000 range about 10 days ago, sulphate prices actually softened a little as the big surge in June ores for NMC cathodes in China hasn’t continued through yet for July /August  - so sulphate discounts retraced some of the narro...

Recording date: 12th July 2023 Nickel prices hanging in similar $20,500 - $21,000 range.  LME Inventories after bump up showing decline again at very low levels - 40,000 tonnes Indonesia Investment Minister Bahlil Lahadalia on Friday gave the latest updates on Indonesia’s proposal for a global nickel cartel, saying that it has had intense talks with some unnamed countries. Resource-rich Indonesia...

Hayden Locke, CEO of Marimaca Copper, joins Merlin Marr-Johnson for a discussion on how long it takes to build a copper mine post-discovery. Chapeau to Ivanhoe Mines and the great Kamoa-Kakula developed in a mere 14 years, with longer timelines much more common. Factors such as capex, infrastructure, complexity, and margin are covered. Hayden touches on the differences between how a major or a mid...

Matt & Mark discuss the changing dynamics in the nickel market, particularly influenced by the actions of Russia and China. They mention the recent inflation data and the impact of US interest rates on nickel prices. There is a mention of Russian nickel shipments arriving in China and its effect on market conditions. Matt & Mark also highlight the compression of LME prices for NPI and sulf...

Nickel continues trading either side $21,000 as LME inventories continue to creep lower towards 37,000 tonnes despite talk of large surpluses.  China saw inflow of Russian cathode – 7,000-8,000 tonnes – will be see how this flows through Chinese market or ends up overhanging Chinese market. Debt deal helped put bounce back in copper and floor under nickel prices.  Given global slowdown, still thin...