Stocks continue to rise, production continues to grow and demand continues to disappoint. Despite our expectation of improved Q2 buying activity, the Cyprus saga in March sent consumers to the sidelines yet again. With prices having settled at around the $16,000/ tonne mark in the last few days, this may act as a trigger to encourage some buyers back into the fray; this level represented the floor in October and could be a springboard for a rebound again.
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