re: lme ni stockpile keeps rising
A lot of this stuff has been shipped across by Norilsk to Rotterdam earlier in the peace and kept "off warrant". You have to watch the 'off warrant' figures as well .
They are not conclusive as they can be held against exisiting orders, but they can also be held by speculators (read metal traders) juggling the spot and futures markets.
Suggest that the current stock balances involve stocks simply hoarded for speculative positions to be crystallised in times such as these. Should not change the year on year imbalance in favour of producers.
Price pressure always fluctuates with nickel more than any other metal, and at this time of year over the northern summer period the main smelters cop a grease and oil change, whilst the largest smelter of them all, Norilsk, is closed for a bit whilst the ice melts at its port area and more particularly further upstream-stuffs up shipping with these mini ice bergs!
Another two to three months of seasonally volatile nickel prices.
Cheers,TAS
JBM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
