3 month chart, page-88

Morning All

Copper now up to around $2.19us/lb on the back of inventory levels dropping dramtically on the LME.

Indophil Resources (IRN) is one which I think is flying under the radar. On September 11, 2008, IRN was trading at 72c per share. That day there was a proposal from Alsons Corporation (Alsons) which advised that it is making an offer with the support of Crosby Capital to acquire all of Indophil’s interest (34.23%) in the world-class Tampakan copper gold deposit for $1.28 per shares.

At the time copper was trading at around $3.00us/lb. It later fell to as low of $1.30us/lb in December.

With copper now back to $2.19us/lb, I believe that this stock is currently trading well under value with yesterday's closing price of 34c per share. Here is both the copper chart and IRN chart. There is a gap in the chart from 33c to 34c. Its desperately tried to be filled as traders exited over the last few days, though I think with copper still on the rise, we will see new highs reached before the gaps is closed.





I have a price target of 50c in mind short term, with 60c plus if copper can head towards $2.50us/lb.


Cheers
Kevi