It's always hard to work out what these large Investment Banks are doing. They are not always that smart either, so it may be less important than it seems - for example Credit Suisse got crushed by their Archegos Capital debacle where the left hand didn't know what the right hand was doing and then, in the wash up, GS and MS ran rings around them.
Maybe they are hedging a long Sn position, maybe they are horse trading, maybe they are accumulating for some unknown client ... looking at the following (and following the Sn sector for some time) ... I don't think we should really care that much. Sn (and MLX) are going much, much higher.
[FWIW, I am also now adding AFM and will, at some point, have to trim the MLX position as it is becoming larger ... but not yet]
Cheers John
MLX Price at posting:
26.0¢ Sentiment: None Disclosure: Held
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