I figure 2 million shares will trade hands quickly while many of the shorters cover....
and then everyone will turn to the LME price for nickel on Friday, a day when the FTSE went up over 8%, and realise that nickel fell!!!
That demand for nickel scrap fell in India, futures prices slumped for nickel in India, the US isn't interested either (look at Kitco)....
And then, when the price doesn't rise far enough for MRE, the stop losses will kick in for real this time (so no one can blame it on the shorters) and MRE will hit 90 cents again.
The only hope is that Glencore buys it outright but why would they bother?!?!?! If they do bother, why would they offer more than $1.20 per share???
And no sharemadder, since I see no Change in Substantial Holder forms filed in the last week for Glencore's holding in MRE I must assume they simply haven't bought any.
MRE Price at posting:
61.9¢ Sentiment: ST Sell Disclosure: Not Held
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