BMO Metals Brief

Research evidence excerpt

BMO Metals Brief

ext year, and CRU forecasting a 4,400

Q3 average of $33,900/t for carbonate. Lithium carbonate CIF Asia spot peaked at $25.15/kg in

May but has since retraced to $21.45/kg, according to latest Fastmarkets data. 4,200

 Internationalisation of RMB continues unabated: China unveiled fresh measures on Wednesday to 4,000

promote the global use of the RMB, as well as plans to better manage domestic money market 3,800

liquidity, as the country shifts its growth engine to technology and innovation from property and 19 Mar 19 Apr 19 May 19 Jun

investment. Six top state banks have been authorised to conduct offshore yuan transactions in

Source: Bloomberg, BMO Capital Markets Shanghai’s free trade zone; in addition, the PBOC has created a mechanism that would enable

overseas central banks and ⁠sovereign wealth funds to obtain yuan liquidity more easily by using

top-rated Chinese bonds as collateral to borrow. Elsewhere, Reuters has reported that surging Spot Iron Ore

Chinese trade with Africa following the removal of Chinese tariffs is set to boost yuan use, with 115

China-Africa trade rising by nearly 18% last year according to Customs Data.

 Zambia redirects grant to support Lobito Corridor infrastructure: Zambia has agreed with the U.S.

Millennium Challenge Corporation to expand the scope of a $491mn “farm-to-market” grant to 110

support infrastructure linked to the Lobito Corridor, according to Reuters, repurposing a

programme originally signed in 2024 to boost agricultural development. The corridor links the

DRC’s copper-cobalt belt to Angola’s port of Lobito and is seen as strategic for exporting critical 105 $/tonne

minerals to Western markets seeking to reduce reliance on China, with close targeted for 4Q27.