NCM has bounced ~27% from its March low and we are now watching carefully because if / when the $US does reverse higher NCM is likely to fall. Hence we have NCM on watch, especially if we do get our targeted dip by the $US back towards the 88-89 region. Yesterday saw a downgrade from smaller competitor St Barbara (SBM) with one aspect being COVID impacting their operations on PNG. Given NCM have their Lihir operation there, this could create a short term production issue for NCM.
MM is considering selling NCM into strength if / when the $US tests fresh 2021 lows
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