Ann: Half Year Financial Results Press Release, page-6

I read an interesting article by andy horne .......

basically - he has turned bullish (after being a correct bear for 18+ months) ........

feb1 2016 article.......

also - read a comment - that JPM closed out a large short on LME last week .......

INSG - 2016 - approx. 1.94Mt refined consumption .........and small dericit this year (pre blow-ups in MBN / QLD-Ni) so circa 70-98Kt deficit for 2016 ....and "pre" the 20% reduction in phillipines ore shipments to china (most likely b/c its not profitable to turn the ore into ferro-nickel to feed stainless smelters) .....

this "implies" stockpiles could be consumed in 12-15 months .........BUT - as you guys would be aware - the "available metal" is zero on the SHFE, and only around 240Kt on LME ........

I rekon 2016 will be most interesting !

rgds
V_H