The sp of marengo is inexorably tied to the price of Cu. Cu is in free fall due to strong inventories, weakening demand and hedge funds taking short positions at an unprecedented level. I guess it will be some time before this all plays out and is quite possibly the reason why they aren't releasing the FS into such an unfavourable market. If the sp keeps going south, topping up is looking more and more attractive to me as I am prepared to wait for the turnaround. What's another 10 yrs? Still not a squeak from the company though. Disgusting!
P.s. one thing that may be worth watching out for is the possible short covering rally that may occur with cu if current conditions or sentiment change.
I hold mgo
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Last
79.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $88.47M | |||
| Open | High | Low | Value | Volume |
| 78.5¢ | 81.0¢ | 78.5¢ | $169.5K | 213.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2830 | 79.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 80.5¢ | 2119 | 1 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| MMC (ASX) Chart |