Bearish Sell signal issued by Bell Direct, page-55

MLX is being used as a proxy for copper price. Basically whatever the % movement in the copper price, multiply it by 2.5 and you have the stock price movement. Most metals have fallen back on talk of China-US trade war, developing. but tin has not suffered a lot and is now rising sharply again. Copper has bounced considerably off its low of past month, the pie in sky cobalt is back at $70k from $90k a tonne, but the issue has caused a recalculation. To me this is compensated by the extra cash but there is a new factor. Rio has farmed in to a minnow in a big way some distance to the north of Nifty with a strong drilling program planned. Speculation that there is a big copper-gold find there in the making. This area of the east Pilbara is very mineral rich, the majors such as Rio don't bother with mines less than very large scale.