Looks to me like one of 2 things happened today, either some holders were tipped off that there is an issue with the offtake and chose to use the info to dump or there was a large shakeout to build fear of the above in effort to squeeze retail for profits.
This is a post from another platform that shows how things appeared to me.
“CKA playing the same game as DRG a few days back?.
Large (wash?) trades to drop SP ~20%
Caps stacked into sell side.
Panic selling absorbed
Caps removed
Props applied...
Underlying FA will define ultimate outcome but that looked very much like a shake”
When the move is completed you’ll likely see the props pulled and the bid stack grow, 2 days later the broker data will show that retail transferred a large part of their holdings to insto’s just as it did for DRG in near the exact same play.
We are just a few days away from completing the binding deal with a large prepayment.
The spot PCI price is around $145, $19 above the $126 that was previously referenced. In addition to this recent PCI coal deals have been going thru above spot pricing with the most recent I found one having been done at a 22% premium to spot....
Profits from this operation should be around $3m/m on today’s PCI price.
It’s little wonder a few underhand tactics might be used to shake the tree
The big tycoon has just arrived!, page-44
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