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Base metals are up, and battery tech sees significant investor interest
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(Kitco News) - Base metals are trading higher due to China's efforts to shore up its struggling property sector, noted mining audiences manager Michael McCrae.
On Friday, McCrae recorded Kitco Roundtable with correspondent Paul Harris and Srini Godavarthy, the CEO of Li-Metal (CSE: LIM). China is issuing directives to prop up its property sector, such as easing borrowing rules to aid homebuyers. Other measures included lowering the existing mortgage rate for first-home buyers and the down payment ratio in some cities, noted Reuters.
Worries about China's economy has been a drag on metals through most of the summer, but cvopper prices rallied this week adding nearly 10 cents. As of 2:23ET, copper futures were trading at $3.88.
Godavarthy noted that there has been significant investment in battery technology as energy transition and EV adoption gather pace. Li-Metal is focused on metal anode and lithium metal production technologies.
[EDITOR'S NOTE: Li-Metal intends to be one of the first lithium metal producer outside of China. CEO Srini Godavarthy mis-spoke and said "the first."]
