MARKET MOVEMENTS: Brent crude weakened 0.3% to $83.50 a barrel. European benchmark natural gas fell 8.6% to EUR26.00 a megawatt-hour. Gold futures rose.
As China once again announced measures to prop up its real estate market. The focus is back on metal stocks. Unlike 2021 and early 2022 when the outlook was bullish across the board. This time around it is not secularly but selectively bullish. It is selected stocks which are getting attention, companies either with large capacity, fully integrated or in any area where they are literally monopolies.