LONDON TO A BRICK

What supercycle?

This metals supercycle is getting harder to pin down. If it’s defined by surging prices, surging demand and surging supply, none are happening. And many analysts contend all three should be happening together. What’s more, since Ukraine, the world seems to have doubled down on fossil fuels, and the price of metals for the green transition have slumped. Copper, for instance, is down 11% on the year, lithium 51% and cobalt 53%.