RE: Coffins commentsCoffin bros article?
Stratton Metals Ltd, a privately held global commodity trading company based in London, was seen as a main catalyst behind an unexpected rally in the price of nickel this year, the Wall Street Journal reported on Friday. 'We've taken 4,000 to 6,000 tonnes from the LME this year to supply our physical customers,' said Gordon Buchanan, a trader at Stratton Metals.The company's order to pull about 6,000 tonnes of nickel, a metal used to make stainless steel, from London Metal Exchange warehouses at the beginning of the year helped spark a squeeze in the futures market. The order and subsequent price spike caught many market participants by surprise, with many interpreting the withdrawal as a sign of improved demand.
Analysts expect nickel's position as the top LME performer to continue this year as supply tightness and improved demand conditions to fuel prices.
Ursa in the drivers seat! We'll see what the market thinks. Good entry regardless.