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With bullish base metal indices, the New Zealand and Australian markets are achieving full momentum, particularly as many New Zealand companies mark their financial year-end at the close of March.

New Zealand’s coalition government has completed its first 100 days in office, with most of the promised policy repeals having been undertaken. We will now see whether this translates into improved economic conditions. Certainly the mood in New Zealand is bearish, and with new GDP data due on March 20, it will be interesting to see just how the economy is tracking.

Local metal consumers are buying in the current market, and the recent spate of shipping spikes into traditional offshore markets seems to have settled somewhat.

The Australian economy is continuing to outperform that of New Zealand, with merchants and consumers also advising improved trading conditions.