AGM has a reverse speeding ticket today, having to explain the fall in the SP.
One of the reasons given was "various articles appearing in Tasmanian and national press about delays of 4 months which, to our best of knowledge, is not the case."
As the SP has now fallen to my average buying price it is now time for me to increase my holding.
If anything is a gift below 80, this must be Christmas Chicken...........You must be backing up the truck here......but Ni still looks vulnerable to further correction.......which was of course not in your ramping plan.......toot toot......sincere appologies to those in the red.......I sincerely hope PON recovers for you......topping up now seems fraught with danger IMHO, until there is a confirmed turnaround.......a slow down ticket?......OMG......at record XAO!......All the best to sincere longs....Niece bounce here as anything below 80c is a gift.......
If anything is a gift below 80, this must be Christmas Chicken...........You must be backing up the truck here......but Ni still looks vulnerable to further correction.......which was of course not in your ramping plan.......toot toot......sincere appologies to those in the red.......I sincerely hope PON recovers for you......topping up now seems fraught with danger IMHO, until there is a confirmed turnaround.......a slow down ticket?......OMG......at record XAO!......All the best to sincere longs....
too early to tell, but these indicators are saying it has stopped for the moment.....hitting 200 d ma might help.......but.....look at the downtrend resistance line.....has it turned..dont know but looking at the graphs and indicators Mac etc...one can see its well oversold ...and Kennan I am sure you can see that as well
FN Arena news 18 June:
GSJB Were points out the latest rule changes at the LME, which are designed to prevent any collusion between major players in the nickel market, are also impacting on demand, just as the supply side picture is also being clouded.
Here China is the main culprit, as the broker notes it has lifted its output of pig iron from around 2,600 tonnes in 2005 to 32,000 tonnes last year and a forecast 90,000 tonnes this year. This is having an impact on the market’s fundamentals as it points out pig iron is now becoming a durable source of nickel rather than just an emergency supply when nickel prices are high.
As a result, the broker now sees the market as moving from a relatively balanced position this year to a surplus of around 24,000 tonnes next year and as much as 49,000 tonnes by 2010.
All the blame for the supply side response cannot be laid at the feet of China as Credit Suisse notes Australian producers will soon be able to again ship product from the Port of Esperance in WA, while Weres point out major new projects are scheduled to come on line in Australia and elsewhere during the course of 2008.
This has led the brokers to forecast prices moving lower not only across the remainder of this year but in coming years, with Credit Suisse forecasting prices in three months time of US$41,000-US$46,000 per tonne and in 12 month’s time of US$30-35,000 per tonne.
GSJB Were is similarly bearish in its forecasts, as from around US$18 per pound now the broker sees an average price in the December half of this year of US$15.17 per pound and in 2008 of US$12.85 per pound. Merrill Lynch’s new forecasts are for US$17.45c per pound this year (up from US$13.88 previously) and US$12.00 per pound next year compared to US$10.50 per pound previously.
Fortis offers some support though, suggesting the underlying strength of demand should at some point offer some price support, the group’s view being prices are unlikely to slide lower than last year’s average of US$23,000 per tonne.
too early to tell, but these indicators are saying it has stopped for the moment.....hitting 200 d ma might help.......but.....look at the downtrend resistance line..........other horizontal resistance as shown.......picking bottoms and catching knives give bloody dity fingers........buyer beware......not sure where you get your nickel facts from?........plucked?......all I read is bad karma for Ni........
If anything is a gift below 80, this must be Christmas Chicken...........You must be backing up the truck here......but Ni still looks vulnerable to further correction.......which was of course not in your ramping plan.......toot toot......sincere appologies to those in the red.......I sincerely hope PON recovers for you......topping up now seems fraught with danger IMHO, until there is a confirmed turnaround.......a slow down ticket?......OMG......at record XAO!......All the best to sincere longs....
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