LME’s daily price movement limits make no sense to me, when the so-called “price” is so out of whack with the real supply-demand curve. Clearly the price needs to get to somewhere around the mid-twenties (ie $25,000 / tonne) before real trading resumes. $25k would be great for producers like our NIC (who were making a decent margin at $17k / tonne).
As I understand it, they’ve changed to movement limits from 5% to 8% and now to 12% in a matter of days - can’t they make up their minds? You can do the maths yourself - it’s going to take several more days of 12% reductions to bring the price back to reality and obviously it should have taken far longer at 5%.
What gives?
LME Nickel Price, page-155
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Last
91.5¢ |
Change
-0.005(0.54%) |
Mkt cap ! $3.925B | |||
| Open | High | Low | Value | Volume |
| 92.0¢ | 93.5¢ | 90.5¢ | $4.980M | 5.421M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 43892 | 91.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 92.0¢ | 78454 | 5 |
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| NIC (ASX) Chart |