Base metals have rallied nicely since the June lows and most of the stocks are following that lead despite the AUD strength limiting the value of the gains. Nickel has surged with the rest of them but Minara has been consolidating fairly bullishly. I've bought at 82 as the pullback found support near the old highs and it looks like it has made a higher low a few sessions back.
Here's an LME Nickel chart, close only.
The Nickel chart is starting to accelerate and I think that Mre has the potential to follow suit. It's appeal is that it offers leverage to the Nickel price.
12.15 The market is up now and I've been continuing to buy laggard resources.
Kagara Zinc is a similar story to Mre and straggling further behind the Zinc price which is moving in tandem with nickel. Long at 68.
Another new long is Murchison at 159. This had the spike up last month only to sell back down as rumours emerged of cold feet on the part of their big brother, Mitsubishi. Both parties have stoutly denied the rumours but the stock has not recovered yet. However, it held quite well above the initial September breakout and with a stop around 150, I was happy to pay 159. They've started to motor now, trading at 164.
Wsa has been strong today, up 26 at 655, although I sold a few more at 641. My short in Boral has been performing too and I bought a couple back at 446.
4.12 Very little movement from mid morning on, the Xjo 200 closed up 4 at 4691.
Virtually all of my positions went well today, the best of them in percentage terms being Pna, up 3.5 at 74.5. I'm hoping for a couple of spikey up days in some of these little resource stocks I'm long.
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