As predicted by this report the base metals led by copper firmed up this week retaining a medium term upward momentum. It is worth mentioning that we were in the extreme minority in refusing to write off base metals in the near term. Our logic is simple and sound, that confidence crisis in US equities is to be distinguished from underlying fundamentals that have shown little cause for panic. However, please note that in my personal opinion it is safe to be cautiously optimistic rather than outright bullish as we have a lot of distance to cover before the base metals prices un-shackle.
NSTL
