Investors turn to copper, gold and uranium amid battery metals rout

Fund managers hope bets on commodities such as gold, copper and uranium can help catapult returns in 2024, as the sector grapples with a crash in the price of battery metals.

“It’s been a choppy year in the commodity space,” said Sam Berridge, portfolio manager at the Perennial Strategic Natural Resources Trust.

Perennial’s fund returned about 10 per cent in 2023, managing to buck a 12 per cent decline in the Bloomberg Commodities Index – its worst one-year performance since 2015. Prices in nickel and lithium have been among the worst hit. London Metal Exchange nickel prices have slumped about 50 per cent in the last 12 months. Meanwhile, the price of raw lithium mineral spodumene has slipped more than 90 per cent, according to analysis from Wood McKenzie.

The price falls are hitting Australia’s mining sector hard. Earlier this week, billionaire Andrew Forrest’s private company Wyloo became the latest to […]

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