Normal
IMO the POC is near support at 3.50. Since last years low price (3.25) the production costs have risen at least 10% and that's why I think we're near support. I don't expect a strong rally off this level due to China's subdued growth. This low may be the lowest low for the next few years and therefore worth considering as a medium term trade opportunity.[ATTACH=full]163579[/ATTACH]I did think this opportunity presented in late May23 but price has since fizzled lower. I'm not expecting a smooth trend higher.
IMO the POC is near support at 3.50. Since last years low price (3.25) the production costs have risen at least 10% and that's why I think we're near support. I don't expect a strong rally off this level due to China's subdued growth. This low may be the lowest low for the next few years and therefore worth considering as a medium term trade opportunity.
[ATTACH=full]163579[/ATTACH]
I did think this opportunity presented in late May23 but price has since fizzled lower. I'm not expecting a smooth trend higher.
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