CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Australia’s Syrah Resources (SYR) surges on Tesla supply deal

By Mensholong Lepcha

06:24, 23 December 2021

Tesla car between charging stations
Tesla car between charging stations – Photo: Shutterstock

Australian graphite miner Syrah Resources surged to close at a near two-year high on Thursday after announcing a supply deal with electric vehicle bellwether Tesla.

Syrah Resources stock ended 23% higher at AUD1.63 on Thursday, its highest close since early February 2019.

The company said it signed an offtake agreement with Tesla to supply natural graphite active anode material (AAM) from its production facility in Vidalia, USA.

Deal to supply Tesla with AAM

Syrah Resources added that Tesla will offtake majority of the proposed initial expansion of the AAM production capacity at Vidalia at a fixed price for an initial term of four years.

BTC/USD

37,443.70 Price
+0.950% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Gold

2,023.32 Price
+0.340% 1D Chg, %
Long position overnight fee -0.0194%
Short position overnight fee 0.0112%
Overnight fee time 22:00 (UTC)
Spread 0.30

Oil - Crude

75.84 Price
+0.840% 1D Chg, %
Long position overnight fee -0.0211%
Short position overnight fee -0.0008%
Overnight fee time 22:00 (UTC)
Spread 0.030

US100

15,936.00 Price
-0.180% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.8

Tesla also has an option to offtake additional volume from the company’s facility in Vidalia, subject to Syrah Resources expanding its capacity beyond 10 kilo tonnes per annum AAM, the company said.

Syrah Resources said it plans to make a final investment decision for the expansion of its Vidalia facility in January 2022.

Read more: Asia-Pacific markets track Wall Street gains to edge higher

Markets in this article

TSLA
Tesla Inc (Extended Hours)
236.32 USD
-0.09 -0.040%

Rate this article

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 570.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading