Ni has a history of some incredible price movements from time to...

Ni has a history of some incredible price movements from time to time over the decades, but this one is quite remarkable.

I had zero expectation of needing to post the next extrapolated MST POS spot val target, but here we are tonight now above US$20/lb. So, without further ado, next target milestone marker of US$24.50/lb* spot Ni suggests an implied POS spot Ni SP val of... wait for it... $1.50... mate (using same crude methods previously described). Nope, Woll, not a typo.

(*Co-incidentally, for the history wonks out there, the all-time LME Ni high made in May, 2007 was ~US$54,400/t or US$24.67/lb.)

It bodes very well for us if it can hold, but the somewhat perverse events (and suffering) that triggered this should not be forgotten/diminished.

Spare a thought too for those with LME short positions who are getting burned alive right now. Although these types of moves can be exciting to watch -- esp. if you're on the right side of it -- it doesn't serve anyone's LT interest to have a runaway disorderly market for any meaningful length of time. LME futures margins now increased and will continue to be as volatilty increases, as a built-in shock absorber. Might even see it go limit-up.

Interesting times...