--- title: "SP Angel – Today’s Market View, Wednesday 4th November 2026" publisher: "Share Talk" author: "sharetalk" published: "2026-11-04T11:48:17+00:00" modified: "2026-11-04T11:48:17+00:00" date: 2026-11-04 canonical: "https://www.share-talk.com/sp-angel-todays-market-view-wednesday-4th-november-2026/" category: "SP Angel" categories: ["SP Angel", "Technology", "Technology, Media & Telecoms"] tags: ["base metals", "battery", "china", "company news", "COPPER", "currencies", "Dow Jones Industrials", "ENERGY", "FRANCE", "GERMANY", "Gold", "gold prices", "HK Hang Seng", "Nikkei 225", "Rio Tinto", "Russia", "Shanghai Composite", "silver", "SP Angel", "Ukraine"] image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/09/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1" format: "news" language: "en-GB" --- # SP Angel – Today’s Market View, Wednesday 4th November 2026 **Published:** November 4, 2026 **Author:** sharetalk **Categories:** SP Angel, Technology, Technology, Media & Telecoms **Tags:** base metals, battery, china, company news, COPPER, currencies, Dow Jones Industrials, ENERGY, FRANCE, GERMANY, Gold, gold prices, HK Hang Seng, Nikkei 225, Rio Tinto, Russia, Shanghai Composite, silver, SP Angel, Ukraine **Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/09/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1) --- **Gold jumps >$4,000 as the dollar and yields fall on a Democrat sweep** **MiFID II exempt information – see disclaimer below** **American Tungsten & Antimony (AT4 AU) – Fast-tracks a 100tpa APT circuit at Del Sol, Nevada** **Aterian* (ATN LN) – JV-funded scout drilling starts at the Azrar copper-silver project, Morocco** **Gem Diamonds (GEMD LN) – Positive adjustments to production and cost guidance at Letšeng** **Ivanhoe Mines (IVN CN) – Ivanhoe cuts 2027 copper guidance at Kamoa-Kakula** **Orosur Mining* (OMI LN) – Progress report on Colombian exploration** **PMET Resources (PMET CN) – MRE update delivers a 55% growth in caesium resource ahead of economic studies update due before YE26** **Strategic Minerals* (SML LN) – Completion of the Leigh Creek sale** **Gold – jumps above $4,000 as the dollar and yields fall on a Democrat sweep** - Gold rose as much as 2.5% to near $4,030/oz, its biggest intraday gain since August. - Democrats won control of both chambers of Congress, in a vote dominated by anger over living costs and the war in Iran. - Treasury yields fell across the curve and the dollar gauge weakened as much as 0.4%. - With Congress in Democrat hands, traders expect less government borrowing, which has pulled yields lower. - Central banks bought gold at the fastest pace in Q3 since end-2024 accumulating 321 tons according to the World Gold Council. - Buying had been slow to start this year with just 675 tons bought YTD to end-September. - A stronger US dollar may have persuaded some central bankers to take dollar-profits and move into lower gold prices in the absence of clear direction in other markets. **Copper – steadies on concerns over AI datacentre rollout** - Copper has steadied near $14,000/t as Democrat gains in the midterms raise concerns AI infrastructure spend might slow. - However, physical supply is still tight, with the Yangshan premium at $200/t, close to its highest in over ten years. - Copper has moved closely with the Nasdaq 100 all year, up 12.35% against 11.84% to Tuesday. **DRC – Mining fraud investigation follows the seizure of copper, cobalt and 500 trucks** - Congo’s justice ministry ordered a fraud investigation on 2 November, after seizing over 500 trucks and several thousand tonnes of copper and cobalt. - seizures at Lualaba and Haut-Katanga saw >60 foreign nationals detained at the Menda concession near Kolwezi, owned by ERG ‘Eurasian Resources Group’. - Officials have not said how much of each metal was taken. ERG did not immediately respond to a request for comment. **Nickel – slips as Indonesia signals a steeper cut to 2027 quotas** - Indonesia’s energy ministry expects 2027 quotas to fall more sharply than this year’s, pointing to a global oversupply of 800,000t. - On the supply side, the ministry says Huayou plans to cut output by up to 50%, with Harita Nickel and Tsingshan following. - None of the three companies has commented, and no 2027 quota has been set. - Indonesia’s nickel ore output in 2026 is expected at 290-300mt, against the 379mt quota approved for 2025. | | | | | | | --- | --- | --- | --- | --- | | **Dow Jones Industrials** | | **-0.38%** | **at** | **51,787** | | **Nikkei 225** | | **-1.42%** | **at** | **62,189** | | **HK Hang Seng** | | **+1.67%** | **at** | **23,920** | | **Shanghai Composite** | | **+2.16%** | **at** | **3,686** | | **US 10 Year Yield (bp change)** | | **-3.7** | **at** | **4.93** | **Currencies** **US$1.1246/eur vs 1.1195/eur previous. Yen 158.20/$ vs 157.94/$. SAr 16.488/$ vs 16.670/$. $1.348/gbp vs $1.342/gbp. 0.700/aud vs 0.697/aud. CNY 6.674/$ vs 6.674/$.** **Dollar Index 101.37 vs 101.73 previous.** **Economics** **US election:  Republican support crumbles as voters blame president for rising cost of living** - **Senate:** 54 Democrat vs 44 Republican - **Congress:**  220 Democrat vs 136 Republican - When Trump steps down at the end of his presidency, we expect the rhetoric to change but much of the policy to remain similar. - Democrats flipped at least seven Senate seats including South Carolina, Texas and Kansas. - Equities sold off on initial reactions to the election results before paring the moves as President Trump said he will work together with Democrats. - The US$ index (-0.5%) along with bond yields (10y -3bp) pulled back helping gold prices. **China – Services activity growth slowed to a three-month low in October as competition squeezed prices and confidence weakened** - RatingDog China PMI Manufacturing (Oct / Sep / Est): 52.0 / 52.1 / 52.0 - RatingDog China PMI Services (Oct / Sep / Est): 50.8 / 51.6 / 51.7 - RatingDog China PMI Composite (Oct / Sep / Est): 52.0 / 52.4 / NA **Saudi Arabia – Budget deficit more than doubled in 3Q26 as oil revenues tumbled amid logistics disruptions** - Quarterly fiscal deficit was 84B riyals (~£$22.4B), up 145%qoq. - Oil receipts were down 40%qoq to around 116B riyals, the lowest level since 2020 (Covid). - At the same time, spending pressure is rising on defence and the Houthi escalation. **Bad actors** - What if the hackers who turned up the fridges and freezers across parts of Europe were not just trying to ruin the food. - We note, the hacking of refrigeration systems caused some secondary electrical and mechanical fires. - So, what if their real intent was to burn down all the supermarkets and food retailers. - We advise anyone with WiFi connected appliances to consider the potential for fire from their internet-connected devices. **Precious metals:** **Gold US$4,035/oz vs US$3,899/oz previous** **Gold ETFs 100.9moz vs 101.0moz previous** **Platinum US$1,457/oz vs US$1,419/oz previous** **Palladium US$985/oz vs US$939/oz previous** **Silver US$51.9/oz vs US$48.8/oz previous** **Silver ETFs 816.0moz vs 812.3moz previous** **Rhodium US$9,125/oz vs US$9,125/oz previous****      ** **Base metals:   ** **Copper US$14,057/t vs US$13,912/t previous** **Aluminium US$3,069/t vs US$3,033/t previous** **Nickel US$15,515/t vs US$15,410/t previous** **Zinc US$3,817/t vs US$3,799/t previous** **Lead US$1,883/t vs US$1,887/t previous** **Tin US$47,345/t vs US$47,485/t previous****   ** **Energy:           ** **Oil US$104.2/bbl vs US$106.9/bbl previous** - Global energy prices continued their decline after Qatar comments that the US and Iran were evaluating new peace proposals put forward by mediators to end the conflict, which has radically disrupted energy flows in the Middle East. - The API estimated US inventory w/w draws of 5.3mb to crude oil (+2.1mb expected), 0.4mb to the SPR and 0.3mb to distillates, partly offset by a 1.4mb build to gasoline stocks, on 13.99mb/d of domestic output. - France’s average nuclear generation fell 1% w/w to 67% of the country’s 61.4GW maximum capacity, with EDF reporting 9M26 cumulative French nuclear output up 1.1% y/y to 271.9TWh. - Marathon Petroleum and MPLX agreed to sell two refineries in Minnesota and North Dakota, along with related midstream assets, to CVR Energy for $4.2bn plus inventory value. **Natural Gas €93.1/MWh vs €98.8/MWh previous** **Uranium Futures $92.0/lb vs $92.0/lb previous**** ** **Bulk:   ** **Iron Ore 62% Fe Spot (Singapore) US$91.9/t vs US$90.7/t** **Chinese steel rebar 25mm US$480.1/t vs US$480.4/t** **HCC FOB Australia US$260.0/t vs US$262.5/t** **Thermal coal swap Australia FOB US$146.0/t vs US$151.3/t****  ** **Other:  ** **Cobalt LME 3m US$33,525/t vs US$33,525/t** **NdPr Rare Earth Oxide (China) US$105,186/t vs US$106,547/t** **Lithium Carbonate 99% (China) US$13,410/t vs US$13,712/t** **China Spodumene Li2O 6%min CIF US$1,235/t vs US$1,275/t** **Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/t** **Tungsten APT (China) 88.5% FOB US$1,835/mtu vs US$1,835/mtu** **Tungsten APT (Europe) 88.5% Rotterdam US$2,775/mtu vs US$2,775/mtu** **China Tantalum Concentrate 30% CIF US$240/lb vs US$240/mtu** **China Graphite Flake -194 FOB US$410/t vs US$410/t** **Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb** **Europe Ferro-Vanadium 80% US$25.6/kg vs US$25.9/kg** **China Ilmenite Concentrate TiO2 US$176/t vs US$176/t** **US Titanium Dioxide TiO2 >98% US$2,917/t vs US$2,917/t** **China Rutile Concentrate 95% TiO2 US$1,176/t vs US$1,176/t** **Brazil Potash CFR Granular Spot US$357.5/t vs US$357.5/t** **Germanium China 99.99% US$4,555.0/kg vs US$4,555.0/kg** **China Gallium 99.99% US$460.0/kg vs US$460.0/kg** **Europe Molybdenum Oxide 57% US$33.5/lb vs US$32.5/lb** **EV & Battery news****:** **Company news****:** | | | | | | | | --- | --- | --- | --- | --- | --- | | | **Overnight Change** | **Weekly Change** | | **Overnight Change** | **Weekly Change** | | **BHP** | -1.5% | -4.3% | **Freeport-McMoRan** | -1.9% | -6.3% | | **Rio Tinto** | -1.7% | -5.0% | **Vale** | -3.2% | -7.3% | | **Glencore** | 1.4% | -5.6% | **Newmont Mining** | -1.5% | -4.6% | | **Anglo American** | 2.7% | 0.1% | **Fortescue** | -1.5% | -2.2% | | **Antofagasta** | 2.6% | -2.1% | **Teck Resources** | -1.5% | -0.8% | **American Tungsten & Antimony (AT4 AU) A$0.04, Mkt Cap A$65m – Fast-tracks a 100tpa APT circuit at Del Sol, Nevada** - American Tungsten & Antimony, who own the Del Sol antimony refinery in Nevada, outline a tungsten refining strategy. - APT (ammonium paratungstate), is the main intermediate used to make tungsten powders and downstream products. - **100tpa APT circuit:** Fast-tracked at Del Sol as the first stage of the America First Tungsten Project. - To process both AT4 and qualified third-party concentrates, producing US-refined APT for customer and defence qualification. - A tungsten-processing application has still to be submitted to the Nevada Division of Environmental Protection. **Feedstock:** - AT4 has received tungsten concentrate samples from an unnamed global Tier 1 producer. - A four-stage programme will test third-party concentrates for grade, mineralogy, impurities and recovery against the proposed APT flowsheet. - AT4 is also assessing feed from its Tennessee Mountain and Dutch Mountain projects. **Expansion:** - Proposed step-up to up to 5,000tpa, fifty times the first-stage circuit. - Metso is studying the configuration and infrastructure that expansion would need. The company is completing negotiations on a potential US$18m grant for its ASCEND-Sb antimony project, announced 19 August. CEO Casper Adson says, ‘*refining is a key chokepoint in the U.S. tungsten supply chain’*. **Aterian* (ATN LN) 21.5p, Mkt Cap £4.3m – JV-funded scout drilling starts at the Azrar copper-silver project, Morocco** *(Aterian hold 85% of the Azrar copper-silver project in Morocco, Lithosquare, the Paris-based AI partner holds 15%)* - Aterian report the start of scout drilling 76.9km2 Azrar copper-silver project in Morocco. - Lithosquare, Aterian’s Paris-based AI partner, is funding the programme in full. - **Drilling:** 800m of reverse circulation holes. - Rig mobilised to site, with access upgrades and drill pad preparation underway. - Drilling to start imminently. **Target:** - A ~1km-long mineralised fault zone, plus the sediments immediately around it. - Historic composite rock chip samples returned up to 3.41% copper with 56g/t silver. **The holes will test:** - Whether surface mineralisation continues at depth within the fault. - The surrounding Adoudou Formation sediments, and the subsurface extent of gossanous, iron-rich material seen at surface. - Grade and width sufficient to show economic potential. Results will also build the dataset used to rank further targets across the project. Azrar sits ~45km east of Managem’s Tizert copper-silver project in the Anti-Atlas Mountains of Morocco, ~155km southeast of Agadir. The team are looking for sedimentary-hosted, stratiform and structural, fault-related copper-silver-gold breccia mineralization. Previous fieldwork has located priority targets at: - Tifrit where a copper-gold zone is characterised by quartz veins and up to 2.97 g/t gold and 2.00% copper seen in trenching and surface sampling. - Amane where a copper showings stretch continuously for over 1.6 km within a 2.5 km-long system with up to 7m thick mineralized rock formations. - Ougri shows classic sedimentary-hosted copper styles (up to 2.92% Cu and 16 g/t Ag) - Izarzar offers the potential for fault-hosted copper within broad brecciated intervals. Stratigraphy and age look similar to Managem’s Tizert copper-silver deposit which hosts ~ 57mt @ 1.03% copper and 23 g/t silver. Executive Chairman Charles Bray says the Lithosquare partnership is ‘ *translating exploration plans into activity on the ground *’. **SP Angel acts as Broker to Aterian* **Gem Diamonds (GEMD LN) 13.5p, Mkt Cap £20m – Positive adjustments to production and cost guidance at Letšeng** - Gem Diamonds reports the production of 19,299 carats of diamonds from its Letšeng mine in Lesotho during the three months to 30th September (Q3 2025 – 22,268 carats) bringing YTD output to 60,994 carats (2025 YTD 69,393 carats). - Quarterly production was derived from the processing of 2.6mt of ore, including ~418kt from the ‘Satellite Pipe’ which is a higher-grade orebody than the ‘Main Pipe’ which delivered the majority of the ore. - YTD Sales of 60,524 carats delivered revenue of US$94.3m at an average price of US$1,558/carat (2025 – 67,190 carats sold at an average price of US$1,047/carat for revenue of US$70.4m). - Letšeng produced three diamonds larger than 100 carats during the quarter bringing the total of these large diamonds recovered so far this year to six. - *“**Following strong operational performance and cost containment the Group is positively revising its FY2026 guidance**”* to a range of 78-80,000 carats (previously 75-78,000carats) with direct cash costs now expected to be Maloti 205-215/tonne processed (previously Maloti 220-235/t). - CEO, Clifford Elphick, commented that *“Sales of Letšeng’s rough diamonds in September achieved good prices, with results further supported by the sale of the exceptional 347 carat Lesotho Jubilee … *[indicating that]* … that demand and prices for Letšeng quality diamonds are firm**”.* - Mr. Elphick also commented on the royalty agreement with Lesotho’s Government *“to introduce a variable royalty rate of between 3% and 6% is a good policy decision ensuring the long-term sustainability of the mine**”.* **Conclusion:** Gem Diamonds has increased its full year production and cost guidance following a strong operational performance from the with Letšeng mine. **Ivanhoe Mines (IVN CN) C$8.9, Mkt Cap C$12.7bn – Ivanhoe cuts 2027 copper guidance at Kamoa-Kakula** - Ivanhoe Mines report third quarter results from the Kamoa-Kakula copper complex in the DRC. - **2027 guidance cut:** Copper 300-350kt. - Cash costs $2.50-3.00/lb, from $2.10-2.50/lb, on diesel prices, lower grades, and lower output. - Phase 1, 2 and 3 steady-state capacity reduced to 400-450kt. Restoring ~500ktpa now depends on a Phase 4 expansion, with engineering design from the first quarter of 2027. An updated life-of-mine plan follows in March 2027, introducing shallow high-grade open pits at Kamoa. Pre-stripping starts in the first quarter of 2027, with first ore in the third quarter. 2026 production is guided at ~290kt, so the revised 2027 range still implies growth. **The third quarter itself was stronger:** - Copper production 76,401t, from 64,328t in the second quarter. - Record revenue of $1,034m and EBITDA of $478m. - Mining rates up 20%qoq to over 1.2mt a month, with recoveries at 89%. Kipushi delivered a record quarter, milling 41.6% zinc and producing 77,147t of zinc in concentrate. **Orosur Mining* (OMI LN) 9.75p, Mkt Cap £102m – Progress report on Colombian exploration** **(**Minera Anzá, and Minera Monte Aguila are wholly owned subsidiaries of Orosur) - Orosur Mining has issued a progress report on its exploration of the 530km2 Anzá project in the mid-Cauca mineral belt in Colombia. - At the APTA target, over 40,000m of drilling has been completed since 2012 and is continuing with hole MAP111 in progress and results reported for: Hole MAP109 which intersected 15.35m at an average grade of 0.97g/t gold from a depth of 60.65m; and a deeper mineralised intersection of 5.3m grading 0.54g/t gold from 82.2m depth; and - Hole MAP110 intersected 105.55m at an average grade of 0.54g/t gold from a depth of 116.8m including 5.35m at an average of 2g/t gold and a 43.55m wide interval at an average grade of 1.53g/t gold from 235.55m depth The company comments that both holes have *“added to the geological understanding of the APTA deposit”* and that once it has completed hole MAP111, the emphasis of drilling will switch to the Pepas target pending the start of a resource drill-out programme at APTA which is expected *“early in the new year”*. The resource drilling will initially focus on *“the core of the highest-grade zones”* at APTA. The continuing drilling work at the Pepas target has *“focused on testing areas of silicification and moderate soil geochemistry to the east and northwest of the deposit”.* Among the positive results from the Pepas drilling, which detected no significant grades in holes PEP108, 109,110 and 113, are: - An intersection of 19.8m at an average grade of 0.31g/t gold from 58m depth in hole PEP111; and - A 4.45m intersection averaging 0.3g/t gold from surface in hole PEP112; and - A 14.95m intersection at an average grade of 0.37g/t gold, also from surface, in hole PEP114. Although the grades encountered are *“of moderate tenor, these results nonetheless assist in developing a greater understanding of the regional scale lithostructural features and geological conditions that have led to the emplacement of Pepas”*. In the southern part of the Anzá licence area, which hosts *“a cluster of gold/copper porphyry intrusions and associated flanking hydrothermal systems in the south … drilling has recently commenced”* at the El Cedro target. Exploration has also identified an additional target at El Yarumo (formerly named El Roble) *“located approximately 2.4 km northwest of El Cedro* … [where mineralised veins have] … *been mapped at eight outcrops across a strike length of over 500m, with multiple stacked veins occurring at several locations”*. **Conclusion**: Resource drilling at APTA is expected to start early next year as the focus of earlier stage exploration drilling switches to Pepas and El Cedro **SP Angel acts as Nomad and Broker to Orosur Mining* **PMET Resources (PMET CN) C$3.0, Mkt Cap £556m – MRE update delivers a 55% growth in caesium resource ahead of economic studies update due before YE26** - PMET updates mineral resources for the Shaakichiuwaanaan Lithium Project in Quebec, Canada. - Updated MRE is the fifth to date and includes CV5, CV13 and CV4 lithium-caesium-tantalum (LCT) pegmatites. - Lithium-tantalum MRE: 113.9Mt at 1.43% Li2O and 164ppm Ta2O5 for ~4.0Mt LCE (Indicated) - 33.8Mt at 1.24% Li2O and 150ppm Ta2O5 for ~1.0Mt LCE (Inferred) Caesium zone MRE: - 1.8Mt at 4.40% Cs2O and 0.46% Rb2O for 81.2kt Cs2O (Indicated) - 1.0Mt at 3.00% Cs2O and 0.37% Rb2O for 29.4kt Cs2O (Inferred) Pollucite is the hosting mineral for both caesium and rubidium. New caesium MRE marks a 55% growth in contained metal including 31% increase in grade and 18% in tonnage. The update reiterates the status of the world’s largest pollucite pegmatite. MRE-5 will underpin an updated FS on CV5 (Li-Ta) and a first PEA covering lithium, caesium and tantalum across CV5 and CV13, both due before year end. 2026 drilling will feed an MRE update in 2027. **Strategic Minerals* (SML LN) 4.9p, Mkt Cap £1400m – Completion of the Leigh Creek sale** - Strategic Minerals reports that following clearance by Australia’s Foreign Investment Review Board (FIRB) it has now completed the sale of its Leigh Creek copper project in South Australia to Cuprum Metals. - The transaction includes: A cash consideration of A$750,000 including A$500,000 previously held in escrow pending the FIRB’s approval - A share consideration of up to A$3,000,000 (19.9%) on IPO of Cuprum. Any shortfall is to be added to earn-out payments. - An NSR of 2% on first 24,900t of copper production, with a 1% buy-out option for Cuprum on payment of A$1,500,000. - Earn-out payments from the start of commercial production, representing 20% of half-yearly operating cash flows up to the value of A$4,000,000. The proceeds of the sale *“**will support the continued advancement of the Company’s flagship Redmoor Tungsten-Copper-Tin Project in southeast Cornwal**l”*. Executive Chairman, Charles Manners, explained that via *“our equity, royalty and earn-out interests, Strategic Minerals will be a significant stakeholder in a future copper mine, and we look forward to continuing to work closely with the Cuprum team as they advance the project**”.* Mr. Manners said that the proceeds of the disposal of Leigh Creek *“**will be used to further accelerate activities at our Redmoor project in Cornwall which remains our key focus**”.* **Conclusion:** The disposal of the Leigh Creek copper project sharpens the focus on the Redmoor tungsten/copper/tin project in Cornwall as it seeks to secure supply chains for the strategically important commodity tungsten where current supply is dominated by China. **SP Angel acts as Nomad and broker to Strategic Minerals* **SP Angel – No.1 for Precious Metals: ****LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026** **No.1 for Precious Metals: ****Q1 2026** **No.1 for Precious Metals: ****CY 2025** **No.1 in Precious Metals: ****Q1 2025** **No.1 in Precious Metals: ****CY 2024** **No.2 in Base Metals: ****CY 2024** **Analysts** **John Meyer –**[John.Meyer@spangel.co.uk](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490** **Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** – 0203 470 0484** **Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474** **Sales** **Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472** **Abigail Wayne –**[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** – 0203 470 0534** **Rob Rees –**[Rob.Rees@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk)[ ](mailto:Rob.Rees@spangel.co.uk)**– 0203 470 0535** **Grant Barker ****– ****Grant.Barker**[@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk%20-)[ ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0471** Prince Frederick House 35-39 Maddox Street London, W1S 2PP *SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide *(joint brokerships excluded)* **+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.** | | | | --- | --- | | Sources of commodity prices |   | | Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) | | Gold ETFs, Steel | Bloomberg | | Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME | | Oil Brent | ICE | | Natural Gas, Uranium, Iron Ore | NYMEX | | Thermal Coal | Bloomberg OTC Composite | | Coking Coal | SSY | | RRE | Steelhome | - | | | | --- | --- | | Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal | | | | **DISCLAIMER** This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients. This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose. This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. 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