The commodity cycle is changing. After a decade, commodity traders are making more money trading metals and minerals than oil. A “commodity transition”, not just an energy transition, is underway, driven in part by the push towards electric vehicles (EVs). The minerals that will support a low-carbon future will impact the commodities supply chain widely. Will there be a mad rush to secure minerals? Are there better alternatives for long-term resource security?
The projected increase in EVs — 3 million today; 40 million in 2030 — will curb oil consumption by only 1 million barrels per day. The real implication will
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