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Today’s Market View – Altus Strategies, AEX Gold Inc, Castillo Copper and more…

SP Angel . Morning View . Wednesday 10 02 21

Metals prices continue to rise on ongoing mine disruption and increasing demand


AEX Gold Inc (LON:AEXG) – Development at Nalunaq deferred due to Covid-19

Altus Strategies* (LON:ALS) – BUY – Exciting exploration ground secured in eastern Egypt

Chaarat Gold* (LON:CGH) – BUY – $30m equity raise and $22m debt-for-equity conversion completed

Bushveld Minerals* (LON:BMN) – Strong Buy 31p – Bushveld continues to grow production as it plans VRFB instillation to support solar grid

Castillo Copper (LON:CCZ) – Additional drilling results extend mineralised footprint at the Big One project in Queensland


Metals prices continue to rise on ongoing mine disruption and increasing demand

Iron ore futures rose a further yesterday helping spot price higher to an almost unbelievable US$158.6/t

The combination of strong demand and supply disruptions are powerful positive price drivers

We can see metals prices rising to new all-time highs if the current market environment persists

New demand from battery manufacturers for electric vehicles is likely to continue to raise prices for their critical materials

Stimulus projects for renewable power, particularly offshore wind turbines will have a significant impact on copper and rare earth minerals


Copper continues to rise as US stimulus package brightens demand outlook

LME copper prices rose for the third straight day on Wednesday, posting the largest three-day gain since August as US lawmakers continue to make progress over the $1.9 trillion stimulus package.

The package is expected to boost infrastructure spending which is favourable for copper and other industrial commodities.

On the supply side, yesterday Peru reported a 12% drop in copper output for 2020. As the country currently battles a resurgence in Covid-19 cases, many worry that the market could see a supply shortfall this year.

The dollar weakened on Tuesday, sliding 0.17% against the pound and 0.15% against the euro- making dollar-denominated copper relatively cheaper.

LME copper inventories currently sit at 15-year lows of 76,050 tonnes.


Tin – Myanmar coup threatens to widen tin supply deficit in 2021

Myanmar’s military coup could threaten supply in an already tight market this year, with production suspensions and international sanctions looking increasingly likely.

Myanmar is the world’s third-biggest miner of tin, and in 2020 accounted for more than 95% of China’s imports of tin concentrate.

Workers at some mines have already downed tools in order to join a civil disobedience movement against the military, something which could become more widespread as tensions escalate in the country.

Mines in southern Myanmar are likely to reduce production and may eventually have to suspend operations as Chinese mining supplies have been cut off, the ITA reports.

In December 2020, the International Tin Association forecasted a 6% rise in tin demand this year, with a market deficit of 2,700 tonnes.



IGTV:   Proposed US stimulus will add to the exiting upward pressure on metals prices:

Metals expected to continue the last-year gains into 2021

Is 2021 the start of the new COVID-Supercycle or will Lockdowns delay the recovery?


VOX:    03/02/20



121 Africa Mining Conference panel:  Investment Leader’s Discussion: Van Eck, Qora Capital, Nedbank, SP Angel

Africa set to gain from Covid stimulus as East and West compete for metals in the new COVID-Supercycle:


iiTV:     Mining stock to own 2021: Mining share tips for 2021 –

*SP Angel almost invariably acts as nomad or broker or nomad and broker to companies mentioned in the above videos and podcasts.

We speak more about these companies as we have a good understanding of their business and can talk with a greater degree of confidence. As ever, however, it should be noted that our views do not take into account the circumstances and needs of any particular investor or investor type. So enjoy the talks, but please do your own research, including other companies not mentioned by us but operating in the same areas, and get professional advice where appropriate.


Metals price forecasting through 2020 – 2020 was probably the most difficult year for forecasting anything

No.1 in Copper:  “The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an  accuracy score of 93.8%”

No1. In Gold:  “SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”

The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020


Dow Jones Industrials -0.03% at 31,376

Nikkei 225 +0.19% at 29,563

HK Hang Seng +1.91% at 30,039

Shanghai Composite +1.43% at 3,655



Japan – Machine tool orders rose 9.7% yoy in January vs 9.9% in December


China – Total social financing rose to Rmb5.170bn in January vs Rmb1.720bn

New loans rose to Rmb3.58bn yoy in January vs Rmb1.26bn in December

Vehicle sales rose 30% yoy in January vs 6.4% in December


Developing nations ask for debt relief as Covid-19 provides perfect excuse for debt restructuring

Zambia has been quick off the blocks in asking the IMF for debt relief

Pakistan also plans to ask China for relief on payments for power projects financed by Beijing over the past eight years under Xi Jinping’s Belt and Road Initiative.


Currencies US$1.2129/eur vs 1.2070eur yesterday.  Yen 104.57/$ vs 104.88/$.  SAr 14.715/$ vs 14.850/$.  $1.383/gbp vs $1.377/gbp.  0.774/aud vs 0.771/aud.  CNY 6.438/$ vs 6.450/$.


Commodity News

Precious metals:  

Gold US$1,844/oz vs US$1,840/oz yesterday – We suspect gold prices are rising on the back of greater risk potential from a BitCoin and potential other market instability.

Gold ETFs 106.5moz vs US$106.7moz yesterday

Platinum US$1,208/oz vs US$1,181/oz yesterday

Palladium US$2,339/oz vs US$2,353/oz yesterday

Silver US$27.33/oz vs US$27.45/oz yesterday


Base metals:  

Copper US$ 8,249/t vs US$8,085/t yesterday – Copper production at Las Bambas falls 12.5% to 2.15mt in Peru

Aluminium US$ 2,069/t vs US$2,038/t yesterday

Nickel US$ 18,475/t vs US$18,365/t yesterday

Zinc US$ 2,714/t vs US$2,675/t yesterday – Chinese zinc smelter output rose 5.9% to 484kt (Antaike)

Tc charges fall 70% as smelters compete for zinc concentrates as miners struggle with production and shipping particularly from Latin America

Lead US$ 2,093/t vs US$2,073/t yesterday

Tin US$ 23,210/t vs US$23,085/t yesterday



Oil US$61.1/bbl vs US$61.0/bbl yesterday

Natural Gas US$2.756/mmbtu vs US$2.817/mmbtu yesterday



Iron ore 62% Fe spot (cfr Tianjin) US$158.6/t vs US$151.0/t

Chinese steel rebar 25mm US$670.1/t vs US$668.9/t

Thermal coal (1st year forward cif ARA) US$68.0/t vs US$67.3/t

Coking coal swap Australia FOB US$156.5/t vs US$157.0/t – Cumbria Council to review approval of Woodhouse Colliery

Cumbria County Council announced yesterday that it would review its approval of the deep coal mine in light of the latest advice from the government’s independent climate advisors.

Officials have previously said that the project could go ahead as long as it shut down in 2049, one year before the UK is supposed to have net zero emissions.



Cobalt LME 3m US$45,700/t vs US$45,700/t

NdPr Rare Earth Oxide (China) US$72,770/t vs US$72,638/t

Lithium carbonate 99% (China) US$10,640/t vs US$10,620/t

Spodumene 6% Li2O min, cif (China) US$455/t vs US$395/t

Ferro Vanadium 80% FOB (China) US$30.5/kg vs US$30.5/kg

Ferro-Manganese high carbon 78% Mn US$1,575/t vs US$1,560/t

Tungsten APT European US$250-255/mtu vs US$244-250/mtu

Graphite flake 94% C, -100 mesh, fob China US$560/t vs US$560/t                

Graphite spherical 99.95% C, 15 microns, fob China US$2,625/t vs US$2,625/t


Battery News

Vestas launches its largest offshore wind turbine 

Vestas has developed its biggest offshore wind turbine yet. 

The V236-15.0 MW will play an important role in driving the growth of wind energy by lowering levelized cost of energy.  

Vestas expects to install the first prototype in 2022. It will have the capacity to power 20,000 European households by producing around 80 Gigawatt-hours per year.  

The development of larger turbines should increase the economic attractiveness of offshore wind power

Demand for NdPr Neodymium and Praseodymium should increase further as a result


Chinese EV start-up WM Motor secures $1.8bn line of credit

WM Motor Technology has secured an 11.5bn yuan line of credit from local banks as it inches closer to a planned public listing on Shanghai’s Star board, Bloomberg reports.

The funding includes a first tranche of 3.5 billion yuan and comes from 11 lenders led by Shanghai Pudong Development Bank.

WM Motor was founded in 2015 and has delivered more than 41,000 of its EX5 electric SUVs so far, the company announced in January.


GM idles three North American plants amid chip shortage

US automaker General Motors has announced that it will idle three North American plants until at least mid-March as the industry continues to grapple with the impact of global semiconductor shortages.

Plants which will be idled are the Fairfax plant in Kansas City, the CAMI facility in Ontario and the San Luis Potosi plant in Mexico.

Announced curtailments by automakers as a result of the chip shortage is expected to impact an estimated 210,000 vehicles (Argus Media).


Company News

AEX Gold Inc (LON:AEXG) – 32.5p, Mkt cap £97.4m – Development at Nalunaq deferred due to Covid-19

AEX report this morning that it has decided to defer development and gold production at its Nalunaq mine in Greenland as a result of the coronavirus pandemic.

Travel restrictions in Greenland mean that the Company would likely be unable to deploy the workforce required to develop the project and meet timeframes initially envisaged, with the current travel bam initially effective until the end of February- although this could be extended.

The company also say that project costs have increased significantly due to higher logistics costs as a result of the pandemic, along with widespread inflation relating to mining activities as a result of a positive commodity price dynamic globally.

In order for AEX to progress the project, further capital is required to cover two areas of cost overrun. Firstly, the inclusion of a floatation circuit and secondary recovery process targeting a recovery rate of 91-97%, which requires a change in civil engineering requirements. Secondly, the structural stability of a concrete bulkhead located near the main portal inside the mine need to be dealt with after being assessed as unsafe.

As a result of the setbacks, AEX believes that “fluidity of both the operational risks and variability in costs is too great to warrant committing the bulk of the Company’s available liquidity in a timeframe that would permit the Company’s current development schedule to be met.”

AEX’s planned exploration programme staffed by principally local contractors is not expected to be impacted by current Covid restrictions.


Altus Strategies* (LON:ALS) 89p, Mkt Cap £62m – Exciting exploration ground secured in eastern Egypt


The Company secured four gold licenses across nine blocks covering 1,565km2 in the Eastern Desert of eastern Egypt, within the Arabian Nubian Shield.

The Eastern Desert is a world renowned gold hosting province hosting the 10.9moz Sukari gold mine, owned and operated by Centamin.

All four license areas are located 50-200km from the Sukari operation, easily accessible and host a number of priority targets including areas with apparent historic gold workings.

The team is highlighting strong interest in the license package that were secure following a competitive international bidding process.

Licenses are awarded for an initial period of two years with each license renewable for up to further periods, each of two years duration.

First phase exploration programmes are currently being prepared.

A strategic decision to expand into Egypt follows on the investment by Egyptian-owned La Mancha as well as favourable changes in the Egyptian Mineral Resources Act.

Conclusion: The Company adds four gold licenses in the highly prospective Eastern Desert of eastern Egypt that hosts 10.9moz Sukari gold mine following in-house historical exploration data review. A number of priority targets were identified with first phase exploration programmes being put together.

*SP Angel acts as Nomad and Broker to Altus Strategies plc


Chaarat Gold* (LON:CGH) 27p Mkt Cap £166m – $30m equity raise and $22m debt-for-equity conversion completed

BUY – TP Being Updated

The Company completed a $52m funding package that included $30m in an equity raise and $22m in a debt to equity conversion with Labro Investments, its major shareholder.

The equity raise has been upscaled from previously targeted $25m on the back of a strong demand.

The financing has been completed at 26p.

As a result outstanding debt has been reduced to $46.5m with net debt position coming down to $12.5m from $64.5m as of YE20.

A reduction in leverage should assist with a completion of the Tulkubash bank loan facility of around $80m that is expected to be completed in H1/20.

The team is preparing for the 2021 construction season with the $110m project expected to deliver first gold pour in Q4/22.

The Company is planning a feasibility study update in Q1/20 together with ESIA works ongoing.

Conclusion: The fund raise and debt conversion considerably deleverages the balance sheet and puts the team on course for completion of the $80m Tulkubash bank loan facility allowing to ramp up construction works with first gold targeted for Q4/22. Tulkubash is a gold heap leaching project expected to run at 110koz and $1,080/oz AISC and yielding $97m in annual EBITDA (on $1,925/oz gold price). On assumed 10 year mine life (up from 5 years in Reserves) reflecting upside potential with 50% of the on strike structure remaining undrilled, we estimate the project to deliver NPV12% (after tax) of $290m (100% basis) and $254m (accounting for the Ciftay 12.5% minority interest) accounting for ~45% of the Group NPV.

*SP Angel act as Broker to Chaarat Gold


Bushveld Minerals* (LON:BMN) 18.5p, Mkt cap £220m – Bushveld continues to grow production as it plans VRFB instillation to support solar grid

(Bushveld is invested in Enerox alongside 5.66% in Invinity Energy Systems)

Strong Buy 31p

Bushveld raised ferro-vanadium production last year despite the South African lockdown, social distancing and covid disruption through the year.

The company produced 24% more ferro-vanadium at 3,631mtV than in 2019 slightly lower than guidance but still showing a good effort by the Vametco and Vanchem teams.

Sales rose by 78% to 4,264mtV, including 422mtV of intercompany sales resulting in actual sales of 3,842mtV for the year.

Intercompany sales of 422mtV show vanadium produced but not yet sold.  This material should have been sold in January.

Bushveld doubled sales into rising prices and demand in China to 21% of total volumes vs 10% sold in 2019 driven by better compliance with higher vanadium content regulations in structural steel (rebar) and strong production for stimulus projects and reconstruction of property damaged by severe flooding along the Yangtze river.

Prices are now seen rising in the US as North American steel producers ramp up production in anticipation of new rail and other construction projects from Biden’s US$1.9tn stimulus.

Vanadium prices: We expect vanadium prices to rise to over our $35/kgV est. Prices are currently at ~$28.75kgV in Western Europe.

Orderbooks for construction machinery are more than double last year as construction companies gear up for new work. Steel producer utilisation rates are rising globally, and we expect this to drive new demand for vanadium.

Group production fell in Q4 by 7% to 951mtV relative to Q3

Sales rose by 35% in Q4 to 1,268mtV including 15mtV of intercompany sales reducing sales sold to customers to 1,253mtV.

Vametco sales price came in at less than we forecast at $23.4 vs our $25/kgV forecast

Vametco C1 cash costs exactly matched our estimate of $18.3/kgV

Vanchem sales price came in at $21.1/kgV vs our 25/kgV forecast

Vanchem’s sales were also slower to realise due to interruptions to processing which also caused Vanchem’s C1 cash costs for the quarter rose to $25.7/kgV beyond our $18.63/kgV estimate for the year.

Going forward assuming the new concentrate testing has been done and the furnaces are free to operate uninterrupted.

Francois Naude as its new operations director to oversee Vametco, Vanchem and the Bushveld Electrolyte Company ‘BELCO’.


Vametco guidance was cut to 2,700-2,850mtV from 3,335mtV in our model representing a significant reduction in production due to the extended 35 day maintenance in Q1 as the group prioritises operational stability.

Costs at Vametco are expected to rise to $20.0-21.30/kgV as a result from our estimated $18/kgV.

Vanchem guidance has been raised to 1,400-1500mtV for the year vs the 1,108mtV  in our model.

Costs at Vanchem are expected to rise to $26.20-26.70/kgV from our estimated $18.6/kgV. The increase in cost is due to higher maintenance, labour and raw material costs associated with the refurbishment and commissioning of kiln-3, which is expected to be commissioned in H2 2021. The full production benefit of kiln-3 will be realised in 2022.

BELCO completed its EPC process with procurement for the electrolyte plant starting this quarter.

Mini grid: Vametco also received permission to build a hybrid mini-grid. Enerox is supplying a1MW/4MWh vanadium redox flow battery to support 3.5MW of solar power.

Vametco, Vanchem and Bushveld Energy could use >125MW of solar power and 180MWh of battery storage in time.

Vanadium lease-finance: Bushveld are scaling up the vanadium rental model with a new contract to Pivot Power (EDF Renewables)

Cash: Bushveld had US50.5m of cash and cash equivalents at end-December following the drawdown of $65m of financing from Orion Mine Finance and ZAR125m ($8m) of revolving credit and convertible notes.

2021: Bushveld targets4,100-4,350mtV with volumes weighted to the second half.

Capex: Bushveld plans to spend around $34m this year including:

$15.7m at Vanchem,

$5.3m at Vametco and

$2.5 million Mokopane DFS

$9.5m at Bushveld Energy to be funded by Bushveld Energy partial asset sales.

FOREX: The US dollar to South African rand averaged 16.5 though the year following a strengthening of the currency as gold and PGM prices rose significantly higher through the year.

The stronger currency served to pull back earnings.

Realised prices: Vametco US$22.2/kgV and Vanchem achieved US$21.3/kgV, close to the CRU RN reference vanadium price of $23.2/kgV but slightly lower than prices quoted by LMB $24.4/kgV and Asian Metals $24.6kgV.

Vametco C1 Cash costs: came in at $18.30/kgV (ZAR302/kgV) for the full year and $21.0/kgV in the fourth quarter due to lower production caused by heavy rain and grid power interruptions.

Vametco: expected to produce 2,700- 2,850mtV in 2021 at a cash cost of $20.0-21.30/kgV

Vanchem C1 Cash costs: came in $22.40/kgV. Costs were higher than originally anticipated due to optimisation work done on different vanadium concentrates in the Vanchem plant to see what works best. This should reduce costs going forward.

Vanchem: expected to produce 1,400-1,500mtV in 2021 at cash costs of $26.20-26.70/kgV

Invinity Energy Systems: Bushveld sold $4m of stock in Invinity to recover much of its $5m investment, the proceeds from the sale will be used to fund some of Bushveld Energy’s initiatives, including Vanadium Electrolyte Rental Limited (“VERL”), the partnership established with Invinity to rent vanadium electrolyte, and its right of first refusal to supply vanadium and vanadium electrolyte.  Bushveld’s shareholding currently exceeds five per cent.

Power: Bushveld expect its power needs to rise to 50MW on completion of its expansion plans requiring >125MW of solar power and 180MWh of battery backup for the business to become independent of the grid and fully renewable.

Resource and reserves: Bushveld report 2% depletion of the ore reserves over the past year to 267,200 V2O5 in magnetite grading 2.02% V2O5.

Combined inferred and indicated resources run at 184.2mt grading 1.98% V2O5 with the magnetite grade running at 35% in whole rock giving 714,700 tonnes of contained vanadium.

Probable reserves run at 46.4mt grading 2.02% V2O5 in magnetite and the overall resource reduced by just 0.68% through the year with no new resource exploration carried out last year.

The statement confirms there is sufficient vanadium in the resource for Vametco to continue to run for many more than ten years at the higher target rate. The resource is also sufficient to feed Vanchem while it awaits fresh ore from the planned Mokopane vanadium mine.

2020 Estimates: We have adjusted our 202 Operating profit including raised selling and distribution costs, other mine and operating costs, idle plant costs and administrative expenses. This was a challenging year for any company an resulted in an increase in our estimated operating loss beyond our original expectations.

2021 Estimates: We have lowered our 2021 production forecast by 4% to 4,255mtV as a result of the longer, scheduled 35-day maintenance at Vametco this quarter.

We have also reduced our estimated vanadium sales to 4,455mtV from 4,692mtV in 2021.

The reduction cuts our 2021 sales to $150m from $157m. This combined with the resultant increase in unit costs reduces our EBITDA to $27m from $40m for 2021 assuming an average vanadium price of $35/kgV.

The vanadium price in China is currently $29.5-30/kgV. We feel the price should move appreciably higher this year with vanadium prices already rising in the US and Europe on stimulus and other construction projects.

Orderbooks for machinery in the construction industry have doubled from last year highlighting how construction companies are gearing up for new work in the recovery.

Bushveld Energy: We are looking for Bushveld Energy to scale up its activities this year. The team will start building the vanadium electrolyte plant shortly and will also work to scale up the vanadium lease financing activity with support from lending institutions for new contracts.

The ability to spread the cost of the vanadium in the VRFB batteries over a 20-year rental model makes a huge difference to the cost of the battery instillation as the cost of the vanadium should become far more manageable and much easier to finance.

We see this as probably the most important advance in enabling the future adoption of VRFB batteries since their invention.

Valuation: Our valuation reduces to 31p from 37.7p due to lower realised vanadium prices through H2 2020 and higher costs at Vanchem.

Reduced guidance for 2021 for Vametco combined leading to higher costs for Vametco and also higher than expected costs at Vanchem have also served to pull back our valuation.

Conclusion:  Bushveld continue to grow the business despite a tough year. The team are preparing to install a solar mini grid with VRFB battery at Vametco with the dual purpose of providing power and proving the VRFB battery grid.

This could provide a template for industry instillations creating better power stability for consumers across South Africa.

*SP Angel acts as Nomad and broker to broker to Bushveld Minerals.


Castillo Copper (LON:CCZ) 3.45p, Mkt Cap £36.7m – Additional drilling results extend mineralised footprint at the Big One project in Queensland

Castillo Copper has announced assay results from the remaining holes of its 2020 drilling campaign at its wholly-owned Big One copper project in Queensland.

The results, in addition to recently re-discovered historical drilling results from programmes conducted by Forsayth Mineral Exploration (FME) in 1970 and by West Australian Metals in 1993, provide encouragement that the mineralised envelope at the Big One project may be more extensive than previously recognised..

The results from the company’s 2020 drilling reported today include:

A 12m wide intersection averaging 0.40% copper from a depth of 14m in hole 308RC which includes a higher grade portion of 2m at an average grade of 0.84% copper from 22m depth and a single metre assaying 1.23% from 23m; and

A13m wide section averaging 0.24% copper from 11m depth in hole 313 RC including 2m averaging 0.55% from 16m.

The company explains that “Other holes were either too shallow or found to intersect only halo mineralisation between 150-600 ppm”.

The historic drilling results, which do not overlap the area covered by Castillo Copper’s drilling and hence encourage the possibility of a more extensive body of mineralisation than originally expected, include:

An intersection of 34m averaging 1.51% copper from surface in FME’s hole BO-017; and

18m averaging 0.86% copper from 11m depth in FME’s hole BO-015; and

37m averaging 0.21% from 2m depth in FME’s hole BO-014; and

11m averaging 0.16% copper from surface in FME’s hole BO-019; and

A 3m wide intersection averaging 12.25% copper from 42m depth in WME’s hole BO-7; and

8m averaging 2.33% copper from 44m depth in WME’s hole BO-5; and

4m averaging 2.20% copper in WME’s hole BO-6 as well as several other intersections in other holes in both the WME and FME drilling programmes.

The company explains that although some of the historical results may not meet the criteria for inclusion in “a JORC compliant inferred resource –  they provide invaluable data points for future infill drilling campaigns”.

Castillo Copper concludes that “The upshot of assessing these results is there are now sufficient data points to re-configure a second stage infill drilling campaign to test for extended mineralisation at greater depths” and that among its future exploration activities it plans “a regional IP survey – covering 3,000-line metres … The core objectives of this inaugural geophysical campaign are to investigate several known anomalies and mapped gossanous outcrops north-east of the line of lode”.

Managing Director, Simon Paull, confirmed that “Our two new initiatives are now taking shape, with an upcoming IP survey being planned and JORC modelling now underway. Discovering FME’s assays was a windfall, as we can now optimistically assert that Big One Deposit is a high-grade copper system”.

Conclusion: The identification of historical drilling results appears to expand the scale of mineralisation at the Big One project and should assist in planning future exploration.  The tenor of assays from the previous campaigns suggest that their objectives may have been slightly different, however, the information should prove valuable in planning future exploration including the forthcoming geophysics work.




John Meyer – – 0203 470 0490

Simon Beardsmore – – 0203 470 0484

Sergey Raevskiy – – 0203 470 0474

Joe Rowbottom – – 0203 470 0486



Richard Parlons – – 0203 470 0472

Abigail Wayne – – 0203 470 0534

Rob Rees – – 0203 470 0535

Grant Barker – – 0203 470 0471



SP Angel                                                            

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


Oil Brent


Natural Gas, Uranium, Iron Ore


Thermal Coal

Bloomberg OTC Composite

Coking Coal




Lithium Carbonate, Ferro Vanadium, Antimony

Asian Metal


Metal Bulletin

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