Don't disagree but it's been aggressively sold down from resistance around 32c. I was buying more on Friday and offer kept getting reloaded, and at size too. Doesn't make sense to me given, as you say, cashed up, but also plenty of other factors such as
- seasonally tin prices increase over monsoon as alluvial mining dries up (so now till Mar)
- current prices put 2/3 producers under water so tin price not sustainable here long term, especially as new supply will be needed and 'higher for longer' prices will be required to facilitate investment
- coming into high grade Area 5
- reduced capex costs moving forward (at least until Rentails)
- no debt servicing anymore
- ever growing demand from semi and solar use (in spite of what looks to be some short term demand issues)
MLX Price at posting:
26.0¢ Sentiment: Buy Disclosure: Held
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