Cocoa Hits All-Time High 🚨
Cocoa competing against Nvidia $NVDA to see which one can set the most of new all-time highs this year... Source: Barchart
The World’s Top Cobalt Producing Countries by Elements / Visual Capitalist
Cobalt, an essential component of key chemistries of the rechargeable lithium-ion batteries used in EVs, has seen a significant shift in its global production landscape. The Democratic Republic of Congo (DRC) has long been the world’s largest cobalt producer, accounting for 73% of global output in 2022. However, according to the Cobalt Institute, the DRC’s dominance is projected to decrease to 57% by 2030 as Indonesia ramps up its cobalt production as a byproduct from its rapidly expanding nickel industry. The EV industry is the largest consumer of cobalt, accounting for approximately 40% of total demand. The exponential growth of the EV sector is expected to drive a doubling of global cobalt demand by 2030.
In case you missed it... European gas price falls to pre-energy crisis level
Strong imports of liquefied natural gas, warm weather and demand reduction as a result of high prices in recent years have all helped keep gas stored in the EU’s underground storage facilities at historically high levels during this winter, putting pressure on prices. The price of Title Transfer Facility (TTF), the European benchmark, fell to as low as €22.53 per megawatt hour on Friday, the lowest since May 2021, on course for a third consecutive weekly decline. Source: FT
Cocoa Speculation Hits All-Time High
Speculative Traders have built a long position worth $8.7 billion in Cocoa, the largest in history. Source: FT, Barchart
Believe it or not, Germany is the Number 1 coal consuming country in the EU...
If one really cared about climate, would one shut down nuclear or coal power plants first? Source: Michael A. Arouet
Cocoa is now trading at a new 46-year high after 8 consecutive green days.
In fact, 18 of the last 20 days have been green for Cocoa. It really wants an all-time high! Source: Barchart
It has been our thesis for a while that a big uranium SHORTAGE is coming in this decade
Uranium miners are likely to benefit from this trend and have been enjoying a strong run up over the last few months. Yet uranium miners ($URA $etf) have been diverging from Uranium spot price recently. One fundamental explanation for this is that the Uranium "large caps" which are over-represented in the URA ETF have long-term contracts which means there are not benefiting to a full extent from recent Uranium spot price. Source chart: Game of trades
Copper demand and projected demand
By Robert Friedland
