The rally will likely be short lived until spod prices turn around. The Australian spod price (6% CIF China) listed on SMM for today is down another US$25 for the day to US$1150/t.
The elastic that attaches the share price to the spod price is being streched a bit with the rally over the past few days not backed up by a rise in the spod spot prices.
PLS's 5.3% spod will likely sell even lower than $1150(depending on pricing formula).
Only perhaps some feel good feeling spilling over from COP28 driving sort term sentiment which in turn perhaps in some short covering. This can easily reverse again if the spod price continues its downward slide.
PLS chart, page-20173
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Last
$3.07 |
Change
-0.190(5.83%) |
Mkt cap ! $9.239B | |||
| Open | High | Low | Value | Volume |
| $3.19 | $3.20 | $3.07 | $96.53M | 30.85M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 41 | 815921 | $3.06 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.08 | 309816 | 3 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| PLS (ASX) Chart |