They're also covering hard Sailor, shorts down 3.5% in just a week (from 17 to 13.5%), and that's 4 trading days delayed data.
Many are using this cap raising to cover and reduce their positions.
I personally think need to look through the short-term challenges and dreadful graphite price and market. It's all about the carving out of an ex-China supply chain, which after last year's export controls (and other market distorting behaviour) is now very much front and centre of Western Goverments' minds.
Watch the Offtake agreements continue to be signed, the DOE expansion funding come through, and an ex-China supply chain start to really take shape as full effects of the IRA come into force and wiser governments no longer leave themselves at the mercy of the CCP's whims and fair trade distorting practices.
There is simply no other upstream/downstream ex-china producer even close to Syrah's advanced position and capabilities.
SYR Price at posting:
49.5¢ Sentiment: Buy Disclosure: Held
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(20min delay)