IMHO , the recent PDN price action does not seem to match the...

IMHO , the recent PDN price action does not seem to match the macro story that continues to build or the U spot price.

Key supply side issues exist:
- Mine closures and C&M decisions in 2019,
- Further Temporary C&M due to COVID 19
- Potential for extension of COVID 19 closures due to employee risk ( Kazakhstan and Canada).

Inventories and LT contract details are very opaque, however many commentators claim LT U price will continue to increase over next three years.

IMHO, the recent PDN price should not have dropped below 11c, so something is happening.

I would proffer, that there is some opportunistic manipulation going on here for a low entry price.

M&A activity in the industry is likely, but probably only a small chance that this would include PDN.

Anyway, PDN should be above 11c and should be increasing, so I am holding.

FT