By: Dylan Sikes - AllPennyStocks.com News

Thursday, May 21, 2015

Industrial and precious metals had been under significant pressure last year. While industrial metals suffered due to a slowdown in China and a supply glut, precious metals slipped as the Federal Reserve ended its bond purchase program. However, as 2015 has progressed, the outlook for both groups of metals has improved significantly. Copper, which fell to record low levels last year, has recovered. In fact, miners now expect the red metal to see a turnaround sooner than expected. Recently, Rio Tinto’s (NYSE:RIO) head of copper told the Financial Times that the inflection point in the copper market could be sooner-than-expected.

Similar bullishness is being seen in nickel. The outlook for nickel has improved amid an expected global deficit. The nickel market though has a large buildup of inventory in London Metal Exchange warehouses, as noted by Platts. This has led to nickel’s failure to take off. However, a turnaround is expected soon. Norilsk Nickel, which is the world’s largest nickel producer, believes that the market is now at a “turning point.”

Platinum has been dragged lower by weakness in the gold market. However, unlike gold, platinum has industrial uses and its demand is expected to pick-up, driven by jewelry demand in countries like China and India. An improving U.S. economy also augurs well for platinum jewelry demand.

Given the improved outlook for copper, nickel and platinum, Sphinx Resources Ltd.’s (TSX-Venture:SFX) discovery of high-grade nickel-copper-platinum mineralization is significant. Based in Montreal, Canada, SFX is an exploration company focused on the development of mineral exploration projects in Quebec.

The company, this morning, announced that high-grade mineralization has been intersected as part of the diamond drill program performed on its wholly-owned Preissac nickel-copper-platinum group element project located in the Abitibi Region, Central Quebec.

The Preissac project is 100% owned by Sphinx. It comprises 78 claims, spread over an area of 39 square kilometers.

In addition to this major development, SFX also provided an update on its exploration activities. The company provided an update on the Green Palladium project, which is again 100% owned by SFX.

SFX said that the new project shows surface palladium mineralization which was not detected by previous explorers in 1950s and 1960s. On the Samson Project, under option with Midland Inc., the company said that there is strong potential for nickel, copper, platinum and gold. The project is located in close proximity to the recent nickel, gold, platinum and gold discoveries made by Balmoral Resources Ltd. (TSX:BAR).

Copyright © 2015 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com's content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.