NZUs fell further yesterday – closing at $22.90 on about 40,000 tonnes.
The market looks weak. It has now tumbled over $2.50 since early May and the question now is is this market at a sufficient level to tempt buyers back in?
Our view is this is the correction we had to have but it’s coming close to being over. You can now buy April 2021 forward under $25 – that was being priced over $27.50 a month ago. That’s attractive.
However, until we start to see some depth on the buy side in this market, it’s likely we may…