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Why Goldman’s Nick Snowdon says commodities are in the ‘first innings’ of a supercycle

‘Structural underinvestment and supply, but also structurally stronger demand’ are key drivers

A mine worker takes water samples from a brine pool at a lithium mine in Calama, Chile. Albemarle Corporation, the world's biggest producer of lithium, is fast-tracking advanced forms of the metal that could result in better batteries for electric vehicles.
A mine worker takes water samples from a brine pool at a lithium mine in Calama, Chile. Albemarle Corporation, the world's biggest producer of lithium, is fast-tracking advanced forms of the metal that could result in better batteries for electric vehicles. Photo: Cristobal Olivares/Getty Images

Think the 1970s, think the 2000s — the commodities supercycle is back — Goldman Sachs’ head of industrial metals research in the global commodities team told delegates at LME Week.

In an 11 October session on the main stage at the Westminster’s Queen Elizabeth II Centre — on the morning of the London Metal Exchange’s first in-person conference held since 2019 — Nick Snowdon set out why the sector is now entering a period last seen before the financial crisis.

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