RE: Interesting inventory moveDrillbit,
Surely this news article (below) is what one would refer to as an "interesting inventory move". As of typing, the graph you most recently posted is still playing catch up to 106,452 tonnes which is already outdated because another 7,974 tonnes have already been added. Just what is this fixation with lagging graphs? Umm were you about to predict another a trend? LOL
S
DJ UPDATE:Nickel Stocks Up On Bagged Briquettes Deliveries-Indus
Last update: 5:52 a.m. EDT April 29, 2009
LONDON, Apr 29, 2009 (Dow Jones Commodities News via Comtex) -- (Adds details.)
By Andrea Hotter
Of DOW JONES NEWSWIRE
The large jump in London Metal Exchange nickel stocks Wednesday is the result of bagged briquettes now being available for delivery for the first time, brokers and warehousing companies told Dow Jones Newswires.
LME stocks are up by a net 7,974 metric tons to 114,426 tons, with 8,226 tons of bagged briquettes going on-warrant in Singapore to take total stocks there to 14,418 tons. This is the only LME-approved location to have bagged briquettes on-warrant so far.
Briquettes - a form of high purity nickel - have been available for delivery previously, but usually in sealed drums or pallets of 250 kilograms.
New loose bags can hold 1.0-ton of briquettes, allowing more tonnage to be stored in less space, something warehousing companies said is important because they are struggling to find enough room to take the metal they are being offered.
LME warehouses in Singapore also took delivery of 198 tons of briquettes in the drum or pallet form, while Rotterdam took 138 tons of briquettes.
A total 54 tons of full plate nickel cathodes went into Baltimore and 648 tons of this grade were delivered out of Rotterdam.
The LME nickel contract trades in 6-ton lots.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413; andrea.hotter@dowjones.com
(END) Dow Jones Newswires
04-29-09 0552ET
Copyright (c) 2009 Dow Jones & Company, Inc.
