SYR Charts, page-964

I'd be inclined to be pessimistic, but we are still seeing strong lithium, copper, and graphite prices. Nickel has taken a hit, but the other battery metals are still strong.

The problem with pessimism is that the global economy is coming out of a lockdown which suppressed economic activity. So you have low interest rates, consumers with additional savings (after 12 months of not spending much), the modernisation of the electrical grid, battery tech, and EVs.

Plus you still have a mining industry that has been hammered over the last 2-3 years and has not been preparing for the demand that is coming in 2023 onwards.

The bull case is still very strong. Commodities can still do well in this scenario, even if bond yields go up. Short term damage perhaps, but I still think SYR is on track for $1.50+ by end of 2021.