nickel spot at us 33400

Dear All

Nickel is now triple its low point for the year back in January - remember MRE is also unhedged.

Fed Express says we are quiet - may be we just like to complain? Not too much material at the moment.

I am just quietly waiting for my last prediction of 7 July to come off (MRE price at $3.60 this half).

The half year may represent a buying opportunity for a great gain in the second half due to a potentially indifferent first half result - lower nickel price (more than US$10K lower) and much lower production (averaging over 100 tonnes per day this half vs high 70's first half).

Regards Eos