In past 4 hours Ni price down a vicious 8.1% in london trade. Hovering at just above $4.00/lb. If it goes through $4.00.... well you can stick a fork in MRE. Maybe that was the plan all along. Glencore get balance of MRE for the cost of a cheap thrill with a whore in Barcalona. Nothing would surprise me. To trade/mine base metals for 50 years (glencore)and not hedge even close to the greatest high ever seen.... reeks of sheer stupidity or sabotage. The truth will never come out. But MRE holders have been rolled. This situation was avoidable. Ni was at $15/lb only 7 months ago. And $15/lb was 40% below the peak in mid 2006 of 25/lb. Now its 4.00/lb... MRE is 50c and collapsing (from almost $6.oo FOUR mths ago!!) There is only one certainty ....... management will wash their hands of all responsibility.
MRE Price at posting:
29.2¢ Sentiment: None Disclosure: Not Held
