someone know something, page-7

Dynofish,
My theory 6 months ago was that the "LME" stock level is near irrelevant for all purposes other than influencing a few more fickle short termists. View still holds. Even now LME stocks small vs inventory that must sit between mine and SS mill.

I'd be more concerned (still relatively short term) about the rate of change than the actual levels. However in view of the recent high, unknown hedge fund activity (unwinding?) and stale surcharges still floating around I'm happy to even put stock level changes on ignore.

As for JBM's value, I switched into on the basis that even if pon fell such that the likes of MCR were marginal (very unlikely) JBM's profits several years forward will still support a higher sp based on growth+great margins. JBM will be the last nickel man standing if China fell over (also unlikely in my view).

Hard to know what the pon is going to do (except probably stay above a floor of say 12/lb) but JBM is easy to predict - grow production at 35% pa for 3 to 5 years! sp will follow! perhaps not by 35%??

BHP is the one that is making me nervous - not a usual in my portfolio - to hold or fold BHP?
EL