Good morning,CNJ was well supported again in Frankfurt on...

Good morning,

CNJ was well supported again in Frankfurt on Thursday and closed off just 1.3% at .0435 (AUD 7.1 cents), which was the day's high. There were 451,563 shares traded (yesterday 623,800).

CNJ should continue to be well supported today on the ASX, however, generally, the softer iron ore, nickel and copper prices on Thursday could weigh on investors minds. In addition, Friday is generally a soft day on the ASX.

Importantly, the DJI recovered very well during the day in the US to be only off ca. 70 points (after the DJI futures were down nearly 370 points just prior to the open of official trading!).

The Aussie dollar weakened against the Euro and the US$ (probably due to the softer iron ore, nickel and copper prices, as well as the ongoing COVID crisis in NSW, which is no doubt starting to hurt the Australian economy). Therefore, I expect Aussie miners to do it tough today.

Having said all this, CNJ is very much in the news right at the moment (in a very positive way) and is very much a so-called "situation" stock, which means that the macro-economic situation will not influence investor behaviour very much i.e. it will be the results out of Greenland that will dictate the direction of the CNJ SP for the next few months.

Wishing you all a profitable day.