From macro perspective the interim top was quite evident several months ago. The Chinese credit impulse had rolled over and has profound impact on base metal prices with a lag effect. Kudos to management for reading the tea leaves and locking in the hedge. The reflation train won't be too far away i will go out on a limb and say IO prices should return to the lofty heights in due course.
From macro perspective the interim top was quite evident several...
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