Having spiked down to $1,631.50/tonne after the Greek ‘no’- vote a few weeks ago,prices have rebounded strongly, putting in a ‘V’-shaped recovery in the process. Onthe charts, prices look well placed to push higher, but the fundamentals are not thatstrong, so we would be surprised to see the uptrend continuing. More likely, we feel,is that they will consolidate around the $1,700-1,750/tonne range. Economic data outof Europe, the USA and China has been stronger lately overall, with better Chinesereadings, most importantly, suggesting that the government stimulus measures maybe starting to feed through to the underlying economy.
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