The cyclical position continues to deteriorate as prospects of a global growth acceleration appear to diminish and statistics on near term usage patterns point to slowing growth in metal offtake. There were less event driven market outcomes in the past week as broader economic influences, particularly slower growth in China and the Asian region, led to a re-pricing of equity markets. Commodity prices were driven by similar influences. The portfolio models retain high cash holdings to reflect the cyclical positioning of the industry. Relatively strong price gains have been recorded by some Phase I stocks reflecting high leverage to the ebbs and flows of buying pressures in depressed markets. Enterprise Metals (ENT:AU) warrants interest from investors looking for exploration exposure. Its Western Australian exploration tenements could cover an extension of mineralisation within the nearby Sandfire/Talisman properties at a fraction of the cost and with far greater leverage. The downside is the company's currently insufficient funding to take advantage of the favourable geological positioning. A successful capital raising would change the outlook. The PortfolioDirect report is available here (VIEW LINK)