It was just their commodity people feeding through recent prices...

It was just their commodity people feeding through recent prices across all the mining stocks. Given that spot commodity prices feed through to stock prices almost contemporaneously, the effect of the upgrades/downgrades to earnings on stock prices tends to be quite limited (ie, like driving by looking through the rear vision mirror). Surprisingly, your post actually demonstrates a weird sort of consistency in their house view... demand for batteries is high, supply of batteries is low due to capacity. It means the battery companies are in the luxurious position of high utilisation, while supply conditions in key raw materials are easy... they are basically saying that conditions for the customers (the battery producers) are better than the suppliers (the miners). Once again though, this is like driving with the rear vision mirror... economists abhor supernormal profits and the usual response is for the battery producers to expand conversion capacity, which will boost demand for the raw materials and restore balance to that market.

If you like being a contrarian investor, it makes the miners much more attractive now than when all the hype sent everything skywards. The one caution is that things last longer than you think, so it is easy to be early and wrong in commodities, and just as easy to think that the present conditions extend forever.