For some background, the London Mineral Exchange (LME) is owned by Hong Kong Exchange and Clearing. On Tuesday, the Hong Kong owned LME suspended trading for the remainder of the week and even cancelled completed trades. The Chinese main movers appear to be Tsingshan Holding group, and its CEO ‘the big shot’ Xiang Guang Da who are reportedly in the hole for Billions due incorrectly shorting Nickel. The suspension looks to have bought ‘the big shot’ enough time to take out loans, one lender is Morgan’s who has just released a glowing report for PAN’s projected share prices.
Today an Australian nickel peer, NIC had a price drop of 13.17%. Its main holder with 18.67% is one Tsingshan Holding Group. 100m shares were traded today.
What does this mean for PAN? Panoramic is unhedged, but given its next shipment is still weeks away the benefit is still an unknown. Even though the market is so erratic I am not convinced PAN’s chart would have looked any different had this week been business as usual.
Interested in hearing opinions and corrections.
PAN Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
