Moores Tells UK Lawmakers: Commodities Are Back, But the World Has Changed

London, March 28 – The global commodities sector is entering a new era driven by energy transition demand, geopolitical turbulence, and a shifting global manufacturing landscape, Benchmark Chairman Simon Moores told members of the House of Lords on Thursday.

“Commodities and mining are back,” Moores said. “But the world isn’t what it once was.”

Speaking at the launch of Battery Britain, the founder of Benchmark Mineral Intelligence highlighted how materials such as lithium, graphite, and copper are now firmly at the heart of global diplomacy and conflict.

He cited recent tensions between Ukrainian President Volodymyr Zelenskyy and US President Donald Trump over access to Ukraine’s critical minerals as evidence that rare earths and battery metals have become bargaining chips in high-stakes negotiations.

“The negotiations over the future of Ukraine’s rare earths, lithium and graphite go on,” Moores said.

He highlighted the recent surge in the price of copper and movements in lithium as key pieces of evidence that the depression in the commodity market is coming to an end.

“Only yesterday copper’s price spiked to all time highs—marking the beginning of a new commodity super cycle driven by the energy transition,” Moores said.

Benchmark’s Copper Service sets a new standard of actionable market intelligence and proprietary data, including a comprehensive forecast out to 2050. Learn more about the launch here.

The low lithium price environment has put pressure on both miners and chemical producers. However, compared to the tumultuous drop in prices seen across 2023, further falls in the lithium price in 2024 and this year have been more subdued. Benchmark’s Lithium Price Index has dropped just 1.1% so far this year.

Benchmark’s lithium and critical mineral price assessments have become key tools in setting physical contracts and aiding supply chain negotiations.

In an audience of lawmakers, industry and exchanges, Moores highlighted how important a unified platform and collaboration are to drive forward the battery and electric vehicle space domestically.

Richard Taylor, Chairman of the new UK initiative, Battery Britain, explained that a new lithium ion economy is being created.

“By 2030, the UK is projected to have a battery demand exceeding 100 GWh,” Taylor said. “Now, more than ever, it is crucial for a significant portion of this demand to be met by domestic sources.”

“To achieve this, we urgently need the supply chain to collaborate and unify towards this common goal. Battery Britain provides a shared vision to align all of us in this effort,” he added.

Drawbridges are rising on international trade

Baroness Lindsay Northover called for deeper collaboration with Europe to drive forward the UK’s battery and energy storage ambitions.

“Attacks on trade are coming from where we least expect,” the Baroness said. “We must work closer with our European neighbours.”

Moores stated: “We are in a new reality where countries are drawing up bridges.”

“High value manufacturing such as lithium ion batteries is becoming more regional,” he said. “Things are increasingly being made where they are sold. The world is getting smaller for technology supply chains.”

He also cited the US America First policy on manufacturing as a long term trend that will grip the battery manufacturing space and that the UK must follow a similar suit and ‘bring high value manufacturing home’.

Sign up to Battery Britain here.