IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
We feel that some commodity prices are getting overextended and very close to their tipping pint. Far from an ultimate top but ready for a healthy correction. Crude traded to its highest level in two weeks but could not manage a positive close. We favor a trade lower but would be quick to let the trade go at a loss to clients on a settlement above $114. We’re eager to get some bearish exposure in the distillates as we feel a violent correction could occur but we must first see signs of a top which has yet to happen.
