If you don't want a cheque but you want it deposited direct into your account ring JBM on Monday & give them your Bank details they can do it straight away over the phone(they did for me before).
Tuesday should see JBM's share price increase(unless Monday produces a massive rise) because thats what normally happens when a share pays a dividend.
As far as Nickel prices go we are in a Bull run.
The chart shows quite clearly that Nickel prices have reached over $7us/lb this time around without a massive 4 week spike.
The Nickel price rise has been methodical & tempered.
$6.50us/lb is the new massive support but it will probably not be tested for at least a few months.
Low Nickel inventories & a weak US dollar will provide the support & the imputeses(okay I just making words up now :) to cause Nickel prices to rise much higher.
It was said less than 4 weeks ago,
"Nickel inventories at stainless steel producers are very low at present, especially in China; the need to buy large, which will keep prices pressured to the upside," Barclays said. "In addition, cancelled LME nickel warrants jumped a significant 2,800 tonnes today to 4,500, signalling more metal is on its way out of warehouses." Standard Bank analyst Robin Bhar said the sharp jump in cancelled warrants might provide support to the nickel market, encouraging technical buying and some funds' scale-up buying. Nickel was also supported by recent upbeat comments by major producers which were believed to lure fund buying. On Wednesday WMC Resources Ltd., the world's fifth-largest nickel producer, said it expected China's consumption of nickel to rise by as much as 21 percent in calendar 2005."
The reason I bring it up is this.
That one day jump in cancelled warrants should mean a fall in LME inventories of 2,800 tonnes & it should be written off in one day.
I think those cancelled warrants are yet to be factored into LME inventories.
I believe Nickel LME inventories are actually much lower than the current 9,414 tonnes.
For those watching Nickel prices & inventories closely over the last 12 months you might remember Nickel inventories dropping over 1,400 tonnes in one day about 6 months ago.
Here's the gist of an article from 22/6/2004
* Yahoo Finance has published an article this AM quoting some new price predictions for nickel. They are also advising that 1,464 tonnes of the 8,298 tonnes we listed this morning as LME inventory is cancelled warrant - meaning it doesn't exist and will be removed in the coming days. With the current usage sucking nearly 1000 tons a week, and a nearly 1500 ton write-off approaching, you can understand why experts are calling the current inventory levels "critical".
The LME at the time did not show TRUE inventory levels so that Nickel prices would stay lower.
When inventories had risen again by August 2004 they only THEN decided to show the TRUE inventory levels.
Thats why we have the ~10% Nickel price spike August 2004.
I believe the LME is playing games again with Nickel Inventories & Prices.
Time will tell.
Cheers.
JBM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
