HollandPark Posted August 18, 2006 Report Share Posted August 18, 2006 So “Who took all the nickel?” The Times asked. ================== “Once again, there is a fever of speculation about an otherwise dull commodity and the London Metal Exchange has been forced to intervene, effectively rigging the forward nickel market in favour of struggling ‘shorts’ and denying the ‘longs’ their pound of flesh. “The LME has little choice but to tinker if it wants to stay in business. Stocks of available nickel in LME warehouses no longer represent weeks or days of consumption but hours. The ‘shorts’ … are in dire straits—they cannot deliver the metal they owe. The price has soared to almost three times the long-term benchmark of just over $9,000 a tonne and people are talking darkly about a squeeze, about hidden stockpiles. “Without stocks, the LME’s forward nickel contracts would have no underpinning and the exchange would have to suspend trading. But the fundamental question that is being asked is whether these commodity exchanges are merely reflecting physical supply and demand or creating their own reality …” This is hardly the first time in recent years that paper traders have created a marketplace frenzy. As The Times wrote, “It is easy for big producers or consumers to create a temporary famine or glut by quietly shifting their own stock position.” But when they do, the paper asked, “Is it the LME’s job to rescue a ‘short’ from losing his shirt to a more powerful ‘long?’ For the LME, the potential embarrassment of a default is growing because pension funds are now taking bets on these formerly obscure commodities.” It’s a dicey situation for the LME, and The Times wants some accountability. “If the LME’s strange little world is becoming more visible, perhaps the answer is more visibility from investors. If there is a big stock of nickel hiding out there, should we not be told?” @: http://www.kitcocasey.com/displayArticle.php?id=897 = = = Companies: see advfn: http://www.advfn.com/cmn/fbb/thread.php3?id=3869875 Symbol COMPANY....... No.shsMn -Price C$Mkt.Cap : MktCap t.N--- Inco Limited... 5 184.0 $35.00 C$6,440mn = $ 4.6Bn t.FL-- Falconbridge... 7 177.1 $20.30 C$3,595mn = $ 2.6Bn AAUK-- AngloAmerican.. 5 1469. $18.90 ---N/A--- = $27.8Bn OUTOF- Outokumpo...... 9 xxxx. $ 9.31 ---N/A--- = $ ?.?Bn WMC--- WMC Resources.. 5 282.2 $10.31 ---N/A--- = $ 2.9Bn ca.LIM LionOre Res.... 3 167.7 $ 6.70 C$1,124mn = $ 809mn x.TIR- Titan Resources 2 171.0 $ 0.31 A$ 53.0mn = x.JBM- Jubilee Mines.. 1 123.0 $ 2.68 A$329.6mn = 8 co's ---Sub-Total... 37 Mines Exploration, CAN.----- X shsMn -Price C$Mkt.Cap : MktCap t.CNI- Canico Res..... X. 27.9 $11.95 C$333.8mn = $ 240mn v.CZZ- Canadian Roy... X. 35.6 $ 1.92 C$ 68.3mn = $49.1mn t.FNX- FNX Mining Co.. ?. 12.8 $ 6.97 C$ 89.2mn = $64.2mn v.JNI- Jaguar Nickel.. X. 56.5 $ 0.82 C$ 46.3mn = $33.3mn v.YMU- MustangMinerals X. 23.1 $ 0.57 C$ 12.2mn = $ 8.8mn t.SGL- Scandinavian Gold X. Exploration, AUS.----- X shsMn -Price A$Mkt.Cap : MktCap x.IGO- IndependenceGld X. 78.0 $ 0.35 A$ x.MCR- MincorResources X. 173. A$0.57 A$ 98.6mn = x.MPM- MPI Mines Ltd.. X. ---- A$1.24 A$108.0mn = x.WSA- WesternAreas NL X. 76.0 A$0.48 A$ 36.5mn = x.VRE- View Resources. X. 280. A$.066 A$ 18.5mn = x.THX- Thundelaria.... X. 51.0 A$0.39 A$ 15.3mn = small/illiquid .----- No.shsMn -Price A$Mkt.Cap : MktCap x.ANL- Anaconda Nickel 3 6923m A$.095 A$658.0mn? x.HRR- Heron Resources 3 108mn A$.165 A$ 17.8mn x.ATM- Aneka Tambang.. 6 382mn A$0.20 A$ 76.4mn x.AGY- Argosy Minerals 2 94.mn A$0.14 A$ 13.2mn x.PSR- Preston Res.... 2 67.mn A$0.27 A$ 18.1mn = = Australia's Thundelaria (x.THX) is moving nicely ... update Canada's Mustang Minerals (v.MUM) looks undervalued ... update : Daily-6mos Link to comment Share on other sites More sharing options...
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