MLX is being used as a proxy for copper price. Basically whatever the % movement in the copper price, multiply it by 2.5 and you have the stock price movement. Most metals have fallen back on talk of China-US trade war, developing. but tin has not suffered a lot and is now rising sharply again. Copper has bounced considerably off its low of past month, the pie in sky cobalt is back at $70k from $90k a tonne, but the issue has caused a recalculation. To me this is compensated by the extra cash but there is a new factor. Rio has farmed in to a minnow in a big way some distance to the north of Nifty with a strong drilling program planned. Speculation that there is a big copper-gold find there in the making. This area of the east Pilbara is very mineral rich, the majors such as Rio don't bother with mines less than very large scale.
MLX Price at posting:
66.5¢ Sentiment: Buy Disclosure: Held
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