CTM (ASX) Trading day running commentary

Originally posted by Montalbano ↑

1. There appears a "showdown", IMO, is likely with the Chinese-owned LME- as it won't list, separately, green, low CO2 Ni sulphides (despite the EU's & USA etc. green passport legislation, & very high ESG standards etc.. for Critical Minerals mining & refining).

s.m.a.l.l caps.com C. Hay 13.6.24 said

"Former Australian prime minister and current US Ambassador Kevin Rudd has called on the “Chinese-backed” London Metal Exchange (LME) to come clean on its handling of nickel.
Angered by the impact of Indonesia’s dramatic (&very dirty, high CO2 etc.- my words) increase in nickel production and the related decimation of the nickel price, Mr Rudd is reported to have recently approached the LME—which was acquired by Hong Kong Exchanges and Clearing in 2012—about recognising “clean” nickel.
The former PM also reportedly criticised the LME’s stance at a conference in Washington DC, chiding the exchange for not moving to differentiate between “dirty” nickel from countries like Indonesia and that produced by Australia and other countries operating under strict ESG guidelines.
It is reported Mr Rudd told conference attendees that the LME’s lack of interest in supporting clean, green nickel was “bad for the industry, bad for the future of the global economy and bad for geopolitics.”
Rudd’s stance matches that of Australia’s resources minister Madeleine King, who has told a number of international leaders that “clean” nickel should receive a premium price.
Ms King placed nickel on Australia’s critical minerals list earlier this year, stating the mineral is essential to the energy transition.
“Australian nickel resources are produced to high ESG standards, meaning Australia offers more sustainable and ethical critical minerals than many of our competitors,” she said in announcing the move".

Former Australian PM Kevin Rudd urges London Metal Exchange to prioritise 'clean' nickel
(Google sma.l.l caps., then the above URL, to fullyopen link)

2. mining.com/Reuters 13.6.24 quoted Macquarie analyst J. Lennon, who said

“Our belief is that we’ve seen the bottom, we’ve seen the supply adjustments, we see the uncertainty in future supply, and that is giving us quite a lot of support where the prices are today,” Macquarie analyst Jim Lennon told a conference organized by Shanghai Metals Market in Jakarta this week.

He forecast LME cash nickel prices at $17,379 per metric ton this year, down from $21,491 per ton last year.
Cash nickel on the London Metal Exchange (LME) was trading at around $17,500 a ton on Thursday.
The price could rebound to $20,500 per ton in 2025 and gradually rise to $23,000 per ton in 2028, Lennon said.
Mining approvals in top producer Indonesia faced delays this year for various minerals including nickel, causing a drop in ore inventories at smelters and forcing some companies to import ore from the Philippines.
The Indonesian government approved production quotas, known as RKABs, for around 240 million metric tons of nickel ore annually for the next three years".

Global nickel prices have probably hit a floor, says Macquarie - MINING.COM

Expand

Probably one of the few things Kevin Rudd has got right lol

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0.440	6987	2
0.445	19600	1
0.450	50000	1
0.455	8000	1
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63143

(20min delay)
Last 44.0¢		Change 0.015(3.53%)		Mkt cap ! $218.3M

Open	High	Low	Value	Volume
42.5¢	46.0¢	42.5¢	$220.2K	499.3K

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