You only have to walk into a mine to feel the raw energy being used and NCM is no exception, but the predominantly gold play is far more correlated to the sentiment towards precious metals and the $US, especially over the short to medium term. This is one sector of the ASX which looks particularly good today aided by its often perceived safety status – we can see NCM rallying 10-20% over the coming months. In other words, we aren’t too concerned about the companies increasing energy bills at least short term.
MM is bullish NCM short-term around $24.00
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