Cecil

The Sport of Kings 🏇

[Cecil @CecilHR_]

One of the biggest punting weeks coming up for racing folk. Lots of liquidity & racing, but few real opportunities. Important to remember these nuggets..
cc: @jerry38952034

[StatiSense @StatiSense]

CHINA LED REFINING IN 19 OF 20 ENERGY-RELATED MINERALS

🇨🇳 China
Mineral — China’s share of refining:
1 Gallium — 98.7%
2 Graphite — 95.2%
3 Manganese — 95.0%
4 Rare earths — 92.1%
5 Silicon metal — 84.8%
6 Molybdenum — 81.0%
7 Cobalt — 77.2%
8 Tellurium — 76.5%
9 Antimony — 74.0%
10 Germanium — 73.9%
11 Indium — 70.4%
12 Lithium — 70.2%
13 Titanium metal — 68.8%
14 Vanadium — 59.0%
15 Tantalum — 45.5%
16 Tungsten — 44.3%
17 Copper — 44.0%
18 Chromium — 42.1%
19 Zirconium — 38.0%

🇮🇩 Indonesia
Mineral — Indonesia’s share of refining:
20 Nickel — 42.9%

China dominates the refining of 19 of the 20 energy-related minerals analysed, while Indonesia leads in nickel. This concentration leaves global supply chains for key energy technologies heavily dependent on a small number of countries.

#Statisense
(IEA)

[Cecil @CecilHR_]

@tayz2017 Was one of the bets of the year at that price. Could have been another 1 for Galileo. The king is dead, long live the King.

[🚽 🤴JRR ToiletKing @toiletkingcap]

King Toilet

[Mining News in Africa @MineNewsAfrica]

Tharisa has agreed to sell 50% of the #platinum group metals (#PGM) concentrate produced at its South African mine to Valterra Platinum from January 2027.

Northam Platinum will purchase the remaining 50% of concentrate from the Tharisa Mine.

https://t.co/R43cGGGfwn

[Sultan Ameerali @SultanAmeerali]

Which one of you is driving up the price of $SBM.AX? I'm trying to nibble away in the low 70s.
The EV is negative after factoring in the royalty portfolio, which is insane if you believe the Canadian assets are actually worth something.

[Jeffrey Currie 🆔++ @CommodMkt]

You can have that one, @annmarie. 

It’s a vibe contract with the vibe set in Washington. The reason it’s a vibe contract is that ICE Brent never touches a wet barrel. Instead it converges to a futures contract on Dated Bent and is cash settled, making it a derivative on a derivative.

Whether Washington sold barrels is irrelevant, it is the undenied threat that matters here because it has become unpriceable risk that discourages market participants which has caused a sharp decline in open interest, creating this disconnect with reality.

As we discussed earlier, the impact goes beyond pricing. Futures markets exist to help participants hedge risk and guide them on investments. When those signals become distorted, hedging becomes harder, hedgers become hesitant and physical scarcity can worsen.

Washington may be focused on keeping the screen price down, but that doesn’t solve the physical shortage. It makes it worse in the end.

[Alcuin Press @AlcuinPress]

Mozart, his thoughts on genius

[Kacper Piotr Kaminski @CerlogicFounder]

Thermal Coal - breaking out here. $COAL

[Respeculator @respeculator]

A wise man in the resources space once said buy the things China is short of.. or what they want control over.

It was once upon a time iron ore.. not sure it’s that today but 🧐🧐

What is it today?? 🤔

[PEAK District Metals @U308Andy]

@respeculator Boring boring Bauxite

When you have 185mt (45mt @ 48%) @ 2% silica, DSO, truck to new railway 100km away AMD

[Ayuso @AyusoValue]

Yesterday, I had the chance to meet Tor Olav Trøim again. His approach to investing and business is truly inspiring.

He believes in the jackup thesis and has invested $40m of his own money in $BORR over the past two weeks. When was the last time you saw insider buying on that scale?

What makes it even more remarkable is that, despite the attractive long-term outlook, the short-term picture remains relatively weak.

But if you know something will be worth twice as much in three years, how much time should you spend worrying about next quarter? Are you really willing to risk missing a $6 move just to get a $1 lower entry price?

I share his conviction in offshore. Supply is constrained, demand is growing, and the next few years could bring a further acceleration as oil companies convert additional cash flows into exploration budgets. When the Iran conflict eventually ends, deferred demand could rebound like a compressed spring, adding further pressure to an already tight market.

Meanwhile, much of the market is chasing whatever is hottest: AI, datacenters, momentum, even tankers. In doing so, investors may be overlooking a rare opportunity to allocate capital to irreplaceable, essential assets in a sector where the supply response doesn´t exist.

I was also struck by the respect he has for Cobas and Azvalor, two Spanish investment funds that share this long-term, business-owner mentality.

We live in a world where most of us, myself included, are too focused on the immediate future: getting the next quarter right, timing entries perfectly, and avoiding volatility.

Yet great fortunes are often built by playing a different game.

Being able to learn from people of this calibre is something I’m extremely grateful for. 🙏

[Emma-Hold The F💀ck Up 🇮🇪✊🇵🇸🇺🇦🇱🇧 @branfan91]

Hey @SkyNews when will you be issuing an apology to both Sally Rooney and the entire island of Ireland for Adam Boultons comments?

[💕 Brittany Belle 💕 @BrittanyinTexas]

😂 CLASSIC! Laura Loomer interrupts a House hearing, and Congressman Billy Long responds with FAKE AUCTION CALLS to drown her out. ABSOLUTE GOLD. 🤣🤣

[Cecil @CecilHR_]

@jtourzan Really...maybe paper supply and demand.

[Panda_ffx_ @panda_ffx_]

这个生的有什么区别，就是不是我生的～妈宝熊傲客～姐姐独立吃着笋笋～
#大熊猫傲客 #大熊猫贤贤崽 #贤贤崽 #大熊猫紫蕊 #大熊猫蕊蕊崽

[Cecil @CecilHR_]

@TommyKennedy93 @RebelDevil71 Or maybe the veterinary programme.

[Charles Bukowski Legacy @Bukowskiquot]

this changed my life

[嫣然一笑66 @yanranyixiao66]

A moment worth remembering — little Shu Bao can now walk on his own to find his mom.#panda

[Ketchup_bao @ketchup_bao]

카메라 세번 해먹으떼오(?)

[Bernie Thoma @BernardThoma_]

Neil performs a beautiful “Tell Me Why” - Hammersmith Odeon, March 28th, 1976