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A2090-558 Assessment: Informix Fundamentals 11.70 Assessment

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A2090-558 exam Dumps Source : Assessment: Informix Fundamentals 11.70 Assessment

Test Code : A2090-558
Test designation : Assessment: Informix Fundamentals 11.70 Assessment
Vendor designation : IBM
: 120 actual Questions

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IBM Assessment: Informix Fundamentals 11.70

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This supplier-selected Certification is offered with the aid of:IBM CorporationArmonk, remarkable apple USAPhone: 914-499-1900Email: This email handle is being covered from spambots. You exigency JavaScript enabled to view it.

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Altova Introduces edition 2014 of Its Developer equipment and Server utility | killexams.com actual Questions and Pass4sure dumps

BEVERLY, MA--(Marketwired - Oct 29, 2013) - Altova® (http://www.altova.com), creator of XMLSpy®, the industry main XML editor, today announced the free up of edition 2014 of its MissionKit® computer developer tools and server utility products. MissionKit 2014 products now comprehend integration with the lightning snappy validation and processing capabilities of RaptorXML®, back for Schema 1.1, XPath/XSLT/XQuery 3.0, aid for recent databases and plenty extra. recent facets in Altova server products consist of caching alternate options in FlowForce® Server and improved efficiency powered through RaptorXML throughout the server product line.

"we're so excited to live able to extend the hyper-performance delivered by route of the unparalleled RaptorXML Server to builders working in their laptop tools. This performance, together with robust aid for the very newest necessities, from XML Schema 1.1 to XPath three.0 and XSLT 3.0, provides their consumers the advantages of elevated efficiency alongside reducing-part expertise support," referred to Alexander Falk, President and CEO for Altova. "This, coupled with the skill to automate basic approaches via their high-efficiency server products, gives their shoppers a distinct abilities when edifice and deploying purposes."

a few of the recent aspects available in Altova MissionKit 2014 consist of:

Integration of RaptorXML: introduced earlier this 12 months, RaptorXML Server is high-efficiency server software capable of validating and processing XML at lightning speeds -- while providing the strictest viable requisites conformance. Now the selfsame hyper-performance engine that powers RaptorXML Server is completely built-in in a few Altova MissionKit equipment, together with XMLSpy, MapForce®, and SchemaAgent®, supplying lightning quickly validation and processing of XML, XSLT, XQuery, XBRL, and greater. The third-generation validation and processing engine from Altova, RaptorXML become developed from the ground as much as steer the very newest of every separate vital XML requisites, together with XML Schema 1.1, XSLT three.0, XPath three.0, XBRL 2.1, and myriad others.

help for Schema 1.1: XMLSpy 2014 contains critical befriend for XML Schema 1.1 validation and enhancing. The latest edition of the XML Schema typical, 1.1 provides recent points aimed toward making schemas greater flexible and adaptable to traffic instances, similar to assertions, conditional types, open content, and extra.

All elements of XML Schema 1.1 are supported in XMLSpy's graphical XML Schema editor and are available in entry helpers and tabs. As at every separate times, the graphical modifying paradigm of the schema editor makes it handy to endure in intellect and build in obligate these recent facets.

help for XML Schema 1.1 is also offered in SchemaAgent 2014, allowing users to visualize and maneuver schema relationships by means of its graphical interface. here is additionally an abilities when connecting to SchemaAgent in XMLSpy.

Coinciding with XML Schema 1.1 aid, Altova has additionally launched a free, online XML Schema 1.1 technology practising direction, which covers the basics of the XML Schema language as smartly because the changes introduced in XML Schema 1.1.

help for XPath 3.0, XSLT 3.0, and XQuery 3.0:

aid for XPath in XMLSpy 2014 has been up-to-date to comprehend the newest version of the XPath advice. XPath three.0 is a superset of the XPath 2.0 recommendation and provides efficient recent performance comparable to: dynamic characteristic cells, inline characteristic expressions, and befriend for union forms to designation just just a few. Full steer for brand recent features and operators introduced in XPath three.0 is accessible through brilliant XPath auto-completion in text and Grid Views, in addition to in the XPath Analyzer window.

help for modifying, debugging, and profiling XSLT is now obtainable for XSLT three.0 in addition to outdated versions. gratify notice that a subset of XSLT 3.0 is supported for the understanding that the accustomed is still a working draft that continues to adapt. XSLT three.0 steer conforms to the W3C XSLT 3.0 Working Draft of July 10, 2012 and the XPath 3.0 Candidate advice. although, back in XMLSpy now gives developers the means to birth working with this recent edition immediately.

XSLT 3.0 takes potential of the brand recent features brought in XPath 3.0. additionally, a massive feature enabled by route of the recent version is the brand recent xsl:are trying / xsl:seize construct, which will also live used to trap and recuperate from dynamic blunders. other enhancements in XSLT three.0 encompass back for greater order capabilities and partial services.

Story continues

As with XSLT and XPath, XMLSpy back for XQuery now additionally contains a subset of edition three.0. builders will now occupy the option to edit, debug, and profile XQuery three.0 with advantageous syntax coloring, bracket matching, XPath auto-completion, and different astute modifying facets.

XQuery 3.0 is, of course, an extension of XPath and hence merits from the brand recent services and operators brought in XPath three.0, akin to a brand recent string concatenation operator, map operator, math capabilities, sequence processing, and extra -- every separate of which are available in the context sensitive entry helper home windows and drop down menus within the XMLSpy 2014 XQuery editor.

New Database assist:

Database-enabled MissionKit items together with XMLSpy, MapForce, StyleVision®, DatabaseSpy®, UModel®, and DiffDog®, now comprehend finished assist for more moderen models of previously supported databases, as well as aid for brand spanking recent database companies:

  • Informix® eleven.70
  • PostgreSQL versions 9.0.10/9.1.6/9.2.1
  • MySQL® 5.5.28
  • IBM DB2® models 9.5/9.7/10.1
  • Microsoft® SQL Server® 2012
  • Sybase® ASE (Adaptive Server commercial enterprise) 15/15.7
  • Microsoft entry™ 2010/2013
  • New in Altova Server utility 2014:

    introduced past in 2013, Altova's recent line of cross-platform server software products includes FlowForce Server, MapForce Server, StyleVision Server, and RaptorXML Server. FlowForce Server provides finished management, job scheduling, and safety alternatives for the automation of essential traffic methods, while MapForce Server and StyleVision Server present high-speed automation for initiatives designed using prevalent Altova MissionKit developer tools. RaptorXML Server is the third-era, hyper-fast validation and processing engine for XML and XBRL.

    starting with version 2014, Altova server products are powered by route of RaptorXML for sooner, more productive processing. additionally, FlowForce Server now helps outcomes caching for jobs that require a long time to process, as an instance when a job requires complicated database queries or needs to rate its own net carrier statistics requests. FlowForce Server administrators can now time table execution of a time-consuming job and cache the consequences to avoid these delays. The cached information can then live provided when any consumer executes the job as a carrier, delivering immediate results. A job that generates a customized earnings report for the previous day can live a pretty marvelous utility for caching.

    These and a lot of extra facets can live institute in the 2014 version of MissionKit desktop developer tools and Server utility. For an entire record of recent points, supported specifications, and affliction downloads gratify argue with: http://www.altova.com/whatsnew.html

    About Altova Altova® is a software enterprise that specialize in equipment to befriend builders with statistics administration, software and software development, and information integration. The creator of XMLSpy® and different award-winning XML, SQL and UML tools, Altova is a key player in the software tools traffic and the chief in XML solution evolution tools. Altova makes a speciality of its shoppers' needs by using offering a product line that fulfills a big spectrum of requirements for application edifice groups. With over four.5 million users global, together with ninety one% of Fortune 500 companies, Altova is supercilious to serve consumers from one-adult stores to the realm's greatest agencies. Altova is committed to providing standards-based mostly, platform-impartial solutions that are potent, low-cost and simple-to-use. situated in 1992, Altova is headquartered in Beverly, Massachusetts and Vienna, Austria. seek advice from Altova on the internet at: http://www.altova.com.

    Altova, MissionKit, XMLSpy, MapForce, FlowForce, RaptorXML, StyleVision, UModel, DatabaseSpy, DiffDog, SchemaAgent, genuine, and MetaTeam are emblems and/or registered trademarks of Altova GmbH within the u.s. and/or other nations. The names of and reference to different corporations and items mentioned herein can live the logos of their respective house owners.


    Everyman's e reserve to information Warehousing | killexams.com actual Questions and Pass4sure dumps

    In-Depth

    Everyman's reserve to statistics Warehousing
  • by means of David Marco
  • 01/01/2001
  • elementary questions to live answered before going ahead with a data warehouse project.

    you occupy read the articles, attended the entire conferences, and are now charged to delivery your personal records warehousing project and attain that 401% ROI you occupy got heard each person is getting. in addition, you occupy gone to the CFO or the vice president of advertising and won funding in your commercial enterprise statistics warehouse. Congratulations ... now it's time for the precise labor to begin.

    and you had greater live a hit, as a result of this assignment usually are not affordable and every separate eyes may live upon it. you're going to ought to evaluate and buy Extraction, Transformation and cargo (ETL) software, OLAP software, every separate types of hardware, middleware, and employ expensive consultants. And if that is not intricate satisfactory, an enterprise records warehouse also contains integrating statistics from a company perspective. therefore, you'll occupy to occupy interaction with probably the most senior people in each of your business's divisions and e reserve them to consensus. And if you don't deliver on that 401% ROI, and appease every separate of those division heads, your supervisor simply might hand you a one-method ticket to the enterprise's Siberian office.

    however earlier than your resolution assist equipment (DSS) chore even starts, prefer a instant to investigate these primary questions. in case you reply "No" or "i am now not sure" to any of here, you could want to Do some extra homework earlier than heading down the facts warehousing trail.

    1. What are the specific strategic traffic aims (drivers) that the warehouse is believe to obtain?The overriding motive many decision aid projects fail is not that the initiatives had been technically unfeasible. On the opposite, most of the technological challenges of facts warehousing occupy confirmed solutions. probably the most typical understanding for failure is that the warehouse did not meet the enterprise ambitions of the corporation. I occupy viewed many organizations Do a fine job of technically constructing a data warehouse; alas, the device didn't remedy any of their company needs. Warehouses that Do not satisfy traffic person's needs don't look to live accessed and eventually die.

    2. What are the specific, calculable measurements that should live used to evaluate the ROI of the DSS equipment in meeting your business's traffic targets?Clear enterprise pursuits are measurable. This endeavor is important, as a result of once the information warehouse challenge is achieved, the administration crew will should warrant the expenditure. additionally, it is valuable to remember that an information warehouse is not a venture, it is a system. records warehouses are organic in nature. They develop very quickly and in directions you in no route predicted. Most warehouses double in size and within the variety of users in their first 12 months of creation. as soon as a cost justification may also live quantified for the preparatory unlock, the procedure for gaining funding for follow-up releases is tremendously simplified.

    3. Are the valuable thing users of the statistics warehouse identified and committed to the success of the mission?The users every separate the time ordain the success or failure of the warehouse. They for this understanding should live closely involved every separate the route through the records warehousing venture. Taking it a step further, users exigency to occupy a private stake in the success of the challenge. it's superb how straight away complications vanish when every separate and sundry has a vested interest within the assignment. also, rate it a point to train users on the fundamentals and processes of records warehousing. train them its advantages, in addition to its barriers. this may assist vastly in managing their expectations. an outstanding rule of thumb is that if you occupy long past greater than two weeks with out speaking to your clients, then it's time to deploy a gathering. preserve in intellect that again and again these people are the ones selecting up the tab on these tasks.

    four. Is the corporation trying to build a +1 Terabyte, "do-all, be-all" statistics warehouse on its first iteration?facts warehousing projects stretch a company in techniques unlike operational methods projects do. From a political point of view, an commercial enterprise records warehouse requires consent and dedication from the entire key departments inside a company. additionally, the studying curve of a convene steer assignment group is seldom understood or deliberate for. There will live a brand recent and dizzying array of software tools (ETL, OLAP, portal, meta records, records cleaning and records mining) as a route to require device-certain practising.

    by means of adding huge amounts of data into the equation the features of failure boost significantly. additionally, significant volumes of records will propel the envelope of the RDBMS, middleware and hardware, and could drive builders into using parallel construction recommendations if a massively parallel processing (MPP) structure is needed. endure in intellect that the retort to a lot of these challenges is available in the figure of a hefty expense tag. in consequence, including the dimension of size is just too painful and costly for most enterprises to endeavor prerogative through the primary iteration.

    information warehouses are most useful inbuilt an iterative trend. Do not misunderstand; here is not to recommend that a company should still no longer build a totally practical, distinct Terabyte, +7 discipline area, net-enabled, end-to-end, commercial enterprise facts warehouse with an entire meta information interface. It without hardship means that the highest chance for success comes from implementing a option befriend system in a phased strategy. through the employ of the first iteration as an chance to instruct the supplier, it'll set the stage for bigger and improved future implementations.

    5. Does the resolution back professional-ject occupy steer from government administration?Any tremendous-scale venture, whether it is a data warehouse or imposing that sizzling recent customer relationship administration (CRM) device, wants executive management on board. furthermore, their involvement is integral in breaking down the barriers and "ivory towers" in companies. Their set enables them to rally the various departments within an organization at the back of the assignment. Any giant undertaking lacking government management participation has a tall likelihood of failure.

    6. Does the difficult occupy a clear realizing of the ideas and tools worried in records warehousing?if you Do not exigency an information warehouse constructed, then the reply to this question will absolutely live "No." subsequently, practicing and training may live required. however preserve in intellect that training is required at many tiers. preparatory education is integral to deliver the ideas of an information warehouse, facts mart, operational facts shop, superstar schema design and meta statistics. statistics acquisition developers will also doubtless should live skilled on a transformation device (Informix DataStage, as an example), whereas data warehouse access developers will require gigantic practising in an OLAP device (for example, BusinessObjects and Cognos PowerPlay). statistics administration builders will should live skilled on a device in an endeavor to combine the entire company's meta facts into one repository (Platinum Repository, for example). And, more than likely, there could live an internet allotment used to access the records warehouse and the meta information repository. reckoning on your company, extra practicing and outdoors consulting can live vital for each of these areas. preserve in intellect that these are most efficient the facts warehousing-particular practicing considerations. There nevertheless needs to live an understanding of the hardware, middleware, desktop, RDBMS and coding language (COBOL, C++ and the like) of the transformation tool.

    7. Is there a incredibly experienced chore manager and facts warehouse architect, with suffer in constructing warehouses, who will actively participate prerogative through the project?information warehousing tasks are essentially distinct from operational tasks. Operational projects are imperative in order to duty the daily enterprise of the company. determination befriend projects are valuable for making strategic selections about your firm. in addition, facts warehouses develop at an alarming cost during the primary few years of production. An skilled information warehouse assignment leader understands these data and continues the imaginative and prescient of the assignment in live performance with the precise-world fact of decision help. furthermore, the information warehouse architect ought to design a scalable, efficient and maintainable structure that may accommodate the increasing and altering resolution steer requirements.

    These simple challenges require tremendously skilled, senior-level individuals. These positions may also live filled by the employ of in-apartment supplies or by consultants. If consultants are used to fill these roles, it is necessary that they are extremely expert at talents switch; in-residence personnel should still live assigned to shadow consultants for each of those roles.

    8. Has an experienced consultant been brought in to Do a readiness assessment of the company?This step is very vital as a result of an skilled hand can identify hardship areas in the corporation that will also live dealt with early within the DSS undertaking's being cycle. however settling on that adult is an additional subject. live wary of consultants with out true-world, arms-on event. it is one issue to live in a position to write or communicate about data warehousing; it is a different matter absolutely to occupy the event needed to navigate during the political quagmires and to grasp what it takes to physically build a data warehouse.

    in regards to the creator

    David Marco is the creator of edifice and Managing the Meta statistics Repository: A replete life-Cycle reserve from John Wiley & Sons. he's founder and president of traffic Warehousing solutions Inc. (EWS), a Chicago-primarily based gadget integrator. He will also live reached at 708-233-6330 or by means of electronic mail at dmarco@ewsolutions.com.


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    Everyman's steer to Data Warehousing | killexams.com actual questions and Pass4sure dumps

    In-Depth

    Everyman's steer to Data Warehousing
  • By David Marco
  • 01/01/2001
  • Essential questions to live answered before going ahead with a data warehouse project.

    You occupy read the articles, attended every separate of the conferences, and are now charged to start your own data warehousing project and attain that 401% ROI you occupy heard everyone is getting. In addition, you occupy gone to the CFO or the vice president of marketing and gained funding for your enterprise data warehouse. Congratulations ... now it is time for the actual labor to begin.

    And you had better live successful, because this project will not live cheap and every separate eyes will live upon it. You will occupy to evaluate and purchase Extraction, Transformation and Load (ETL) software, OLAP software, every separate forms of hardware, middleware, and hire expensive consultants. And if that is not difficult enough, an enterprise data warehouse also involves integrating data from a corporate perspective. Therefore, you will occupy to interact with the most senior people in each of your company's divisions and steer them to consensus. And if you Do not deliver on that 401% ROI, and appease every separate of those division heads, your supervisor just might hand you a one-way ticket to the company's Siberian office.

    But before your decision back system (DSS) project even begins, prefer a instant to examine these essential questions. If you retort "No" or "I'm not sure" to any of the following, you might want to Do some more homework before heading down the data warehousing trail.

    1. What are the specific strategic traffic objectives (drivers) that the warehouse is suppose to achieve?The overriding understanding many decision back projects fail is not that the projects were technically unfeasible. On the contrary, many of the technological challenges of data warehousing occupy proven answers. The most common cause of failure is that the warehouse did not meet the traffic objectives of the organization. I occupy seen many companies Do a fine job of technically edifice a data warehouse; unfortunately, the system did not resolve any of their traffic needs. Warehouses that Do not satisfy traffic user's needs are not accessed and eventually die.

    2. What are the specific, calculable measurements that will live used to evaluate the ROI of the DSS system in meeting your company's traffic objectives?Clear traffic objectives are measurable. This activity is critical, because once the data warehouse project is completed, the management team will occupy to warrant the expenditure. Moreover, it is valuable to understand that a data warehouse is not a project, it is a process. Data warehouses are organic in nature. They grow very snappy and in directions you never anticipated. Most warehouses double in size and in the number of users in their first year of production. Once a cost justification can live quantified for the initial release, the process for gaining funding for follow-up releases is greatly simplified.

    3. Are the key users of the data warehouse identified and committed to the success of the project?The users always ordain the success or failure of the warehouse. They therefore exigency to live heavily involved throughout the data warehousing project. Taking it a step further, users exigency to occupy a personal stake in the success of the project. It is Amazing how quickly problems vanish when everyone has a vested interest in the project. Also, rate it a point to educate users on the fundamentals and processes of data warehousing. instruct them its benefits, as well as its limitations. This will aid significantly in managing their expectations. A marvelous rule of thumb is that if you occupy gone more than two weeks without talking to your users, then it is time to set up a meeting. preserve in intellect that many times these people are the ones picking up the tab on these projects.

    4. Is the organization trying to build a +1 Terabyte, "do-all, be-all" data warehouse on its first iteration?Data warehousing projects stretch an organization in ways unlike operational systems projects do. From a political perspective, an enterprise data warehouse requires consent and commitment from every separate of the key departments within a corporation. In addition, the learning curve of a decision back project team is seldom understood or planned for. There will live a recent and dizzying array of software tools (ETL, OLAP, portal, meta data, data cleansing and data mining) that will require tool-specific training.

    By adding massive amounts of data into the equation the points of failure multiply significantly. Moreover, big volumes of data will propel the envelope of the RDBMS, middleware and hardware, and could obligate developers into using parallel evolution techniques if a massively parallel processing (MPP) architecture is needed. preserve in intellect that the retort to many of these challenges comes in the figure of a hefty cost tag. As a result, adding the dimension of size is just too painful and costly for most enterprises to attempt during the first iteration.

    Data warehouses are best built in an iterative fashion. Do not misunderstand; this is not to recommend that a company should not build a fully functional, multiple Terabyte, +7 theme area, Web-enabled, end-to-end, enterprise data warehouse with a complete meta data interface. It simply means that the highest probability for success comes from implementing a decision back system in a phased approach. By using the first iteration as an chance to train the corporation, it will set the stage for bigger and better future implementations.

    5. Does the decision back pro-ject occupy back from executive management?Any large-scale project, whether it is a data warehouse or implementing that sharp tangy recent customer relationship management (CRM) system, needs executive management on board. Moreover, their involvement is imperative in breaking down the barriers and "ivory towers" in companies. Their position allows them to rally the various departments within a corporation behind the project. Any substantial project lacking executive management participation has a tall probability of failure.

    6. Does the organization occupy a clear understanding of the concepts and tools involved in data warehousing?If you Do not occupy a data warehouse built, then the retort to this question will most likely live "No." As a result, training and education will live required. But preserve in intellect that training is required at many levels. Initial education is necessary to convey the concepts of a data warehouse, data mart, operational data store, star schema design and meta data. Data acquisition developers will also probably exigency to live trained on a transformation instrument (Informix DataStage, for example), while data warehouse access developers will require significant training in an OLAP instrument (for example, BusinessObjects and Cognos PowerPlay). Data administration developers will exigency to live trained on a instrument that will integrate every separate of the company's meta data into one repository (Platinum Repository, for example). And, more than likely, there will live a Web component used to access the data warehouse and the meta data repository. Depending on your organization, additional training and outside consulting could live needed for each of these areas. preserve in intellect that these are only the data warehousing-specific training issues. There still needs to live an understanding of the hardware, middleware, desktop, RDBMS and coding language (COBOL, C++ and so on) of the transformation tool.

    7. Is there a highly experienced project manager and data warehouse architect, with suffer in edifice warehouses, who will actively participate throughout the project?Data warehousing projects are fundamentally different from operational projects. Operational projects are necessary in order to operate the day-to-day traffic of the company. decision back projects are critical for making strategic decisions about your organization. In addition, data warehouses grow at an alarming rate during the first few years of production. An experienced data warehouse project leader understands these facts and keeps the vision of the project in concert with the real-world reality of decision support. In addition, the data warehouse architect must design a scalable, robust and maintainable architecture that can accommodate the expanding and changing decision back requirements.

    These fundamental challenges require highly experienced, senior-level individuals. These positions can live filled via in-house resources or by consultants. If consultants are used to fill these roles, it is imperative that they are highly skilled at knowledge transfer; in-house employees should live assigned to shadow consultants for both of these roles.

    8. Has an experienced consultant been brought in to Do a readiness assessment of the organization?This step is very valuable because an experienced hand can identify problem areas in the organization that can live dealt with early in the DSS project's life cycle. But identifying that person is another issue. live wary of consultants without real-world, hands-on experience. It is one thing to live able to write or converse about data warehousing; it is another matter entirely to occupy the suffer needed to navigate through the political quagmires and to know what it takes to physically build a data warehouse.

    About the Author

    David Marco is the author of edifice and Managing the Meta Data Repository: A replete Life-Cycle steer from John Wiley & Sons. He is founder and president of Enterprise Warehousing Solutions Inc. (EWS), a Chicago-based system integrator. He can live reached at 708-233-6330 or via E-mail at dmarco@ewsolutions.com.


    Oversold Lithium Could live About To Rally | killexams.com actual questions and Pass4sure dumps

    It’s been a decade of lows for commodities after posting 7 declines in 11 years, but we’ve seriously underestimated lithium. It’s back with a vengeance in 2019.

    The commodities market endured yet another annus horribilis, with just four commodities—natural gas, uranium, cocoa and wheat—recording any uptick at all. eventual year’s 12 percent glide by the Bloomberg Commodity Index--spurred by 20 percent-plus declines by industrial bellwethers dote West Texas Intermediate crude, steel and platinum—came in the wake of two years of modest gains.

    Viewed against that benign of backdrop, lithium’s 50 percent correction that snapped a multi-year winning vein appears less vicious. It’s valuable to remember that prior to the crash, lithium had enjoyed a meteoric climb with prices doubling since the beginning of 2016 and nearly quadrupling over the past decade. The fact that much of the rally coincided with a sharp climb in the value of the U.S. dollar makes it every separate the more remarkable.

    Investing in the commodity market can live a roller-coaster ride; what with the incessant boom-and-bust cycles driven by the ebb and rush in infrastructural spending, production ramps/cutbacks and stockpiling/destocking supplies. And just dote other pecuniary markets, trader sentiment plays a remarkable role in determining trajectories.

    Related: Political exigency In Venezuela To Reshape OPEC

    Unfortunately, it’s the latter scenario that took center-stage during eventual year’s lithium crash. A furor around anticipated recent supply especially from China’s recent hard-rock projects and Chilean brine mines got out whack and derailed the market.

    View photos

    (Click to enlarge)

    Source: Metallary

    View photos

    (Click to enlarge)

    Source: Trading Economics

    Tsunami of Oversupply?

    The situation was not helped by Wall Street punters sounding the tocsin over the dangers of oversupply …

    Shares of major lithium producers and explorers including Sociedad Quimica y Minera de Chile (NYSE:SQM), Albemarle Corp. (NYSE:ALB) and Orocobre Ltd (ASX:ORE) received a strict hammering in March after Morgan Stanley forecast that Chilean low cost brine producers could add as much as 200kt per year by 2025, while expansion of China’s and Australia’s hard-rock mines could pump in another half a million metric tonnes over the timeframe. That’s certainly a massive production ramp-up considering that global production in 2017 totaled just over 200kt.

    In August, Macquarie Research provided the final straw after chiming in with a warning that the market was “sleepwalking into a tsunami of oversupply.”

    The report build the final nail in the coffin of the decade-long lithium rally-- Fastmarkets reckons that prices for battery-grade lithium carbonate in China, by far the world’s largest consumer of high-grade lithium carbonate, tumbled 50.31 percent eventual year to 75,000-83,000 ($10,885-12,046) yuan per tonne from 158,000-160,000 ($22,932-23,222) yuan per tonne the previous year, as demand waned.

    View photos

    (Click to enlarge)

    Source: Metal Bulletin

    But maybe the endure camp rushed their fences this time…

    While it’s undeniable that the carnage managed to exceed even Morgan Stanley’s decidedly pessimistic outlook for global lithium prices to drop 45 percent by 2021, the fundamentals imply that the selloff was greatly overdone and such low prices cannot live justified by simple market forces of supply and demand.

    According to London-based Benchmark Minerals Intelligence senior analyst Andrew Miller, the disconnect between lithium prices and the demand side of the equation has never been bigger.

    Story continues

    Reality Check

    A cross-section of materials experts occupy raised eyebrows at the negative assessment, criticizing the investment analysts for underestimating the climb in lithium demand and the intricate nature of lithium mining and production ramps. According to them, both MS and Macquarie failed to account for just how remarkable the gap between supply forecast and actual production can be.

    And, they might live spot on.

    Supply expansions in 2018 came in much lower than predicted and the tsunami of oversupply forecast by the likes of Macquarie Research proved to live puny more than changing tides in the lithium supply chain.

    Related: Oil Prices perceive Best January In 14 Years

    A marvelous case in point is Brisbane-based Orocobre, which has become the poster child for just how challenging recent brine mining can be. The company’s Salar de Olaroz project in Argentina took seven years to hit its stride but still came up short of production targets. Meanwhile, run-ins with the courts and regulators coupled with mutual accusations of license violations facing Chile’s lithium giants SQM and Albemarle at their Atacama brine projects further reinforce this point.

    The screenshot below from Orocobre’s investor glide presentation is a sobering reminder to this reality.

    View photos

    (Click to enlarge)

    Source: Mining.com

    In terms of feedstock supply, SQM and Albemarle had laid out plans for increased production rates. But as is often the case with brine evaporation, the process has been hindered by seemingly endless production delays. SQM hit technical obstacles at its recent brine conversion facilities that delayed its target capacity of 70,000 tpa LCE by terminate of 2018 while Albemarle continues to struggle to achieve replete capacity at La Negra II.

    The situation has not been much better in China—the ultimate lynchpin to the lithium endure thesis. Many Chinese brine producers in the Qinghai region had outlined plans to triple or quadruple capacities over the coming 3-4 years. A visit by Benchmark Minerals to these operations, however, has painted a dire picture—the technical challenges related to tall magnesium concentrations in the region are nowhere near being comprehensively overcome. Across Qinghai’s 10 producers, only an additional 5,000-10,000 tonnes of lithium product institute its route to the market, majority of which failed to reach technical grade specifications. This, in effect, means that much of what came online from the region was either reprocessed thus adding to costs or converted to lithium hydroxide in a bid to meet growing demand for nickel-rich cathode technologies.

    Although taut credit in China forced some lithium buyers to destock and contributed to the glut, the predicted huge oversupply failed to materialize. Around mid-September, analysts at CRU estimated lithium surplus for 2018 at a relatively mild 22,000 tonnes against a demand of 277,000 tonnes.'

    View photos

    Source: Benchmark Minerals

    2019: A Transition Year

    So far, there is no clear data or evidence that that the lithium demand narrative is about to slowdown, let lonesome reverse. On the contrary, unavoidable emerging trends in the industry imply just the opposite.

    The biggest near-term driver for lithium demand is the NCM trend. The shift towards cathodes that employ huge amounts of lithium hydroxide is already underway, something that is expected to trigger a huge NCM (nickel-cobalt-manganese) ramp up. Benchmark Minerals estimates that 44 percent of mega-and-giga-factories will employ lithium as a raw material by 2028 translating into 534,000 tonnes of additional demand.

    That projection seems to resonate with Elon Musk’s ambitious target to build 20 gigafactories across the globe over the next decade. Miller sees 2019 as the tipping point where demand will eventually outstrip supply starting 2020.

    Meanwhile, Roskill has predicted that the shift to higher-nickel-cathode materials will propel many lithium producers to favor production of lithium hydroxide over lithium carbonate thus taking some pressure off the lithium carbonate supply side. The difficult has forecast lithium demand to expand by a brisk 21 percent annual clip between 2018 and 2025 with demand expected to grow 13.5 percent in the current year.

    But, of course, no lithium bull thesis would live complete without the EV angle.

    Currently, the EV market accounts for about 47 percent of global lithium demand. That, however, is expected to drastically change as EV penetration rates coupled with the ongoing trend of electric vehicles using larger battery packs that capitulate longer ranges leading to electric mobility gobbling up 83 percent of lithium supply a by 2027.

    Fastmarkets has predicted EV penetration to hit 15 percent by 2025 from 2 percent currently. EV demand has actually been beating estimates and is constantly being revised upwards to reflect this. The EV explosion is expected to drive a nearly six-fold multiply in lithium demand for the forecast period.

    View photos

    (Click to enlarge)

    Source: Infinity Lithium company presentation

    Key lithium trends to watch in 2019 and beyond

  • Lithium carbonate prices will even in 2019 before picking up steam starting 2020
  • Lithium hydroxide prices could soften a puny bit after remaining resilient in 2018
  • China will become less valuable as a global cost trend driver as demand rapidly builds up in other key markets
  • Miller advises investors to preserve an eye on recent spodumene production, particularly how quickly it can live integrated into the chemical and converter supply chain and turned into either lithium carbonate or hydroxide. A slower ramp is likely to lead to supply constraints and raise prices and vice-versa.

    By Alex Kimani for Oilprice.com

    More Top Reads From Oilprice.com:



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