Platinum Group Metals are back in focus.
Valterra, the world’s largest producer, has nearly doubled over the last 12 months, driven by a strengthening commodity price environment as the market realised demand is resilient while supply is in decline. The outlook remains robust and the inability of most incumbents to flex volumes higher has sparked a new wave of corporate activity.
Portfolio Manager Ben Cleary discusses below why the PGM market is tighter than consensus expectations, including declining primary production, insufficient growth and the false narrative that EVs will erode autocatalyst demand. The Tribeca Global Natural Resources Strategy maintains strategic exposure through Terra Metals, which provides diversified leverage to the commodity.