chart - target price $1.48, page-29

Storage levels in warehouses for base metals worldwide have been increasing, and so have their prices. Sooner or later something is going to give, which is the reason why KZL could be suffering at the moment. A lot of demand for base metals has actually been driven by hedge funds taking open speculative positions. If/as that is unwound I am expecting base metal prices to come off (and I suspect the market is thinking along the same lines). Of course...if demand picks up and warehouse levels eventually reduce, price should be ok, and so should KZL.

If you're holding for a ST punt, I would be nervous. I have a long term time frame and will be using any significant pullbacks to buy.

JT