Apology if this (from the AFR) has been...

Apology if this (from the AFR) has been shared....

https://www.copyright link/markets/commodities/commodity-boom-to-unwind-after-record-year-20220623-p5aw0u

Battery metals boom

The bank views commodities exposed to the energy transition, including nickel, copper, lithium and cobalt, as most likely to outperform due to the rising economic incentives to switch to improved battery technology.

“We feel that even an economic slowdown won’t curb growth in overall demand for certain battery metals given what we’re seeing across the renewable energy sector,” said Daniel Hynes, senior commodity strategist at ANZ.

The growing demand for electric vehicles and tight supply of lithium caused spodumene prices to rocket more than 650 per cent during the financial year.

The average price for spodumene concentrate surged from $US600 a tonne in June last year to a record $US4728 a tonne by the end of May this year, according to Benchmark Mineral Intelligence’s latest assessment.

The forecaster is expecting that prices will reach a record high by the end of June after Pilbara Minerals sold a cargo of 5000 tonnes of spodumene concentrate for a whopping $US6350 a tonne last week.

Goldman Sachs predicted an impending “sharp correction” in prices due to an oversupply of battery materials, but Macquarie last week upgraded its spodumene forecasts to reflect its expectations of a persisting market deficit.