Figure 2: The energy intensity of copper mining may explain its correlation with
Figure 3: Copper has also decoupled from China’s overall rate of growth
Figure 4: Copper has kept pace with U.S. equities so far this decade
Figure 5: Copper has had positive 1Y rolling correlations with the S&P since 1999
Figure 6: Copper supply is among the slowest growing of any base or ferrous metal
Figure 7: Lithium supplies have grown by 2,750% in 30 years
Figure 8: Cobalt mining supply has risen by 1,200% since 1994
Figure 9: Cobalt and lithium prices are trading 67-75% off their highs
Figure 10: Although in contango, cobalt & lithium curves aren’t pricing much of a recovery
