Thought I'd drop some thoughts into the chart thread. This is...

Thought I'd drop some thoughts into the chart thread.

This is just my simple thoughts on copper. Love having discussions and hearing others' thoughts. This is not intended to be a professional investor bla bla. It's just my thoughts I'm willing (and capable) to type.

Events of 2023 contributing o 29M share price fall

An exceptional event causing sever damage to 29M's mining operation at Capricorn where ~ 500mm of rain occurred early March 2023.
(from: https://www.extremestorms.com.au/significant-rain-floods-and-storm-events-6-to-15-march-2023-new-south-wales-and-queensland/)



China ramping up its production of copper in 2023 and other global events including rising interest rates and fears of recessions caused the price of copper to fall circa 13%. Also note that China plans to increase its smelting capability 45% by 2027 further increasing its foothold on copper pricing and supply.
(from: https://www.mining.com/web/china-tightens-grip-on-copper-key-to-worlds-energy-transition/)





29M share price movement


Copper futures price

Copper futures pricing has returned to March 2023 level.

Short term share price activity crystal balling

29M's share price has been in a nasty but predictable down trend with a breakdown occurring in Jan 2024. The share price has returned to the upper part of down trend channel with investor interest demonstrated by increased liquidity (volume). Some of this selling volume is attributed to the withdrawal of major shareholder/s and an improving macro outlook (including China temporarily decreasing copper outputs).

I'll leave my graphs for you to decipher. My thoughts from a T.A perspective are fairly clear in them (I have omitted my personal observations, thoughts, direction etc and left the easily observable trends). I note that the share price has increased by ~ 180% recently and that some profit taking will likely occur if not already.



Does anyone have any thoughts on current weather in Borroloola etc NT? Anyone feeling as nervous as I re floods?

Cheers, good luck all

I am not a professional investor nor do I have any intention of providing advice. Anything I share is my own opinion and is likely incorrect. There are many people (that I hope will join the conversation) with much more detailed perspectives than myself. These are my thoughts only and as I do when you share something, DYOR.