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March 15, 2010
Dear Friend, A late-blooming and weak Spring metals recovery appears in progress. Despite large Shanghai inventory buildups, combined exchange inventories fell another week. We expect aluminum rises due to settlements on March 17th.
The prices of pig iron
ingredients explain $112.50 of the $210.00 rise in prime and
$150.00 per tonne rise in dirtier grades of steel scrap. The
likely Summer slowdown in scrap steel prices may be closer to
$50 to $100 rather than a deeper complete reversal, as the iron
ore and coal price hikes indirectly support finished steel.
We continue to regard the six
large diversified mines as ideal metals sector vehicles - - BHP,
Vale, Rio Tinto, Xstrata, Teck and Anglo American.
Please note our agenda
for March 24-25, 2010 conference at the New York Helmsley next
week. All presentations are webcast via the "conferences" tab on
our
www.veryindependentresearch.com
web site.
Please note the Speakers
Dinner at 6:30 pm on March 23rd at the "21 Club" hosted by
Knight Capital Group. Pls RSVP to me by replying to this email
or a phone call. Speakers to be present include:
Faithfully,
John C. Tumazos
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Copyright © 2008 John Tumazos Very Independent Research,
LLC
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