Hey hey! April saw copper continue its recovery, now sitting at around $4.6/lb. And here’s an unexpected one: Future copper prices are getting higher than spot, bringing the biggest contango in over 20 years.
In this environment, we’ve been expecting more big M&A moves and it seems they are now coming.
BHP is hunting! Still, $39 billion is not enough to entice Anglo American to sell so this story will continue for the next few months, we believe. South African regulators will also pull out a fine-tooth comb on this one, given how crucial the company is to the nation.
In another part of town, lithium continues to underperform. Patience is needed as the market is still seemingly confused about where to go.
Meanwhile…
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