REPORTS

On a technical basis, we are now in new territory and approaching 14 cents (which is also an HVL). Should further buy stops be elected the next targets are 14.13 and 14.20 and some producers, having priced at nearer 13 cents much begin to feel some pressure. As we have been saying, there is much producer pricing to be done still, especially from Thailand, and at some stage, this will kick in as well as further pressure from hedging of India exports. However, it is likely we will see a spike at some stage as producers withdraw and speculators and Funds add to long positions.