The PortfolioDirect tool for monitoring the cyclical positioning of metal markets suggests a price trajectory very similar to historical averages. The low point in the current cycle has occurred later than average after something of a false dawn in early 2013. Calculation of the historical benchmark (the blue line) is based on nine price cycles since 1960. The red line is the trajectory of the current cycle which will be 36 months old at the end of April. PortfolioDirect uses this cyclical positioning analysis to inform decisions about the allocation of funds to resource sector investments.