AUZ - Australian Mines
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Nickel was one example, hitting a new all-time high of $32,700 a tonne at one stage, a $700, or 2.2 percent, jump from Friday, supported by a spot squeeze and severely depleted warehouse inventories.
Last trade was at $32,400, with the market now up 143 percent, or just over $19,000 a tonne this year.
Analysts said that the fundamental picture of scarce supplies has been highlighted by a month long strike at producer Eramet's Doniambo smelter in New Caledonia, which has left the smelter with only 10 days of feedstock remaining.
"With only 3,294 tonnes of stocks available on the LME, less than one day of global consumption, the market can ill afford any production losses," broker Barclays Capital said in a report.
LME warehouse stocks actually rose on Monday -- up 312 tonnes to 5,148 tonnes. But the amount of metal under 'cancelled warrant', which denotes nickel due for removal, increased by over 300 tonnes to 1,866 tonnes, keeping available material perilously low.
Despite current high prices and premiums, there is little evidence that end-users are being turned away from nickel.
"We have not seen any signs of substitution. In fact, our customers are more concerned with getting material," Juha Rantanen, CEO of stainless-steel producer Outokumpu Oyj said.
Nickel spot price is on the way up how much?
How long is a peice of string.
PDYOR im at the station looking for pink elephants
Nickel was one example, hitting a new all-time high of $32,700 a tonne at one stage, a $700, or 2.2 percent, jump from Friday, supported by a spot squeeze and severely depleted warehouse inventories.
Last trade was at $32,400, with the market now up 143 percent, or just over $19,000 a tonne this year.
Analysts said that the fundamental picture of scarce supplies has been highlighted by a month long strike at producer Eramet's Doniambo smelter in New Caledonia, which has left the smelter with only 10 days of feedstock remaining.
"With only 3,294 tonnes of stocks available on the LME, less than one day of global consumption, the market can ill afford any production losses," broker Barclays Capital said in a report.
LME warehouse stocks actually rose on Monday -- up 312 tonnes to 5,148 tonnes. But the amount of metal under 'cancelled warrant', which denotes nickel due for removal, increased by over 300 tonnes to 1,866 tonnes, keeping available material perilously low.
Despite current high prices and premiums, there is little evidence that end-users are being turned away from nickel.
"We have not seen any signs of substitution. In fact, our customers are more concerned with getting material," Juha Rantanen, CEO of stainless-steel producer Outokumpu Oyj said.
Nickel spot price is on the way up how much?
How long is a peice of string.
PDYOR im at the station looking for pink elephants
yes but given AUZ price this really isnt the situation concerning the nickel..id rather go for a mega cheapie like HCY which has potential to super rise coz not only of nickel with a proven joint venture partner but now they have gotten into uranium..this can rise but AUZ has already had the rise..all im saying is its still highly speculative but now ur paying a higher price so anyhow goodluck punterssilkyoak said:
Fab said:It will keep rising . Nickel is very hot at the moment. Some profit taking is inevitable at this stage
That's a wise point of view FAB, as some strong support seems to be in at the 10c mark, esp in the last few mins (4m extra) and despite selling pressure and b vs s reversal, it's seems to be holding around 10c, hence not free falling like NLX recently (down 20%)
Cheers
SevenFX
Fab said:May day may day . Gooooing down. Will go back up I hope
RODGER that May Day, SevenFX advises to stay on your vessel (IMO) take all the emotion out of the May Day, pull out your charts, and soon you will be in safer waters.
Disclaimer: Unless you choose to abandon ship and start swimming back to shore with perhaps nothing but the shirt on your backkk
?????>>
Sorry all I could come up with at such short notice <<
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This is ridiculously climactic. Chart showing smart money has sold into this last run of pigs. It is coming down substantially or beginning a long consolidation.
