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BASF Abandons Plans To Invest In Lithium Mining Assets

CHILE
  • USDCLP traded in a relatively tight range yesterday, despite the move lower in US yields and further gain in copper prices, closing at 945.58. For USDCLP, initial support to watch is at 935.20, the 20-day EMA. On the upside, attention is on 964.03, 76.4% of the bear leg between Apr 16 and May 20.
  • Today, Codelco’s chairman Maximo Pacheco will participate at a mining roundtable in Santiago at 1400BST(0900ET). Data wise, the calendar remains light, ahead of nominal wages for May on Friday and June CPI data, due next week.
  • In other news, German chemicals maker BASF has abandoned plans to invest in lithium mining assets in Chile as a slowdown in electric-vehicle adoption worldwide drags down battery metal prices. BASF withdrew from initial talks with Wealth Minerals Ltd., the Vancouver-based firm that has exploration projects in Chile.

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