GREY:LBEFF - Post by User
Comment by
JohnEStromJron Dec 16, 2009 2:04pm
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Post# 16593458
Good News?
Good News?The price of nickel is up today with the range of the bid and ask at $7.81-$7.90 on the LME [see Legend in your own mind, I DO post good news. When it occurs - which of late hasn't been that often. Enjoy! ]
The flip side is that nickel inventory is up too. It now sits at 145,758 metric tonnes. If/when the inventory level begins to drop that will have a positive effect on nickel prices and Liberty Mines stock. This is the time of year when nickel historically flows into the warehouses so the rise isn't unexpected.
Most large nickel producers have contracts directly with large nickel users so - under normal circumstances - their nickel doesn't go to the LME but with manufacturing around the world off I would surmise that they manufacturers are not buying as normal. The excess goes to the LME or other storage warehouses. The LME is the only one I'm aware of that posts a price for the public to see.