Hey, hey, my, my [Where in Northern Ontario is Neil Young's hometown?]
Rock and roll will never die. For long time watchers of Ni and CMR this seems to be an interesing week. One could state that one is seeing the return of liquidity to CMR, but I am uncertain that it ever was truly liquid before. Yesterday, somebody sold something on the order of 15,000 shares around 2 pm, and then folks came in and bid up on orders of 5k or so.
Today I only caught the last 5 trades, but somebody sold a block of at least 3500 shares at .75 (could have been more, could have been a forced margin sale), this at 1536 and then buyers came right in at 1537, and 1553 with 5k orders (I ignore orders at close of 100 shares and none of those recently) up 8c from the 75 trade.
So we have a new situation. Sales of blocks of 10-20k do not move the price down for the rest of the day (if not the rest of the year). Indeed, sales are followed by bids at higher prices. Thought all who had not noted this would find it encouraging.
Ok, for balance: Russia is all straightened out, the river at Dudinka has thawed and the flood is past [that's a relief]. Ni is a dog again because the Russians are flooding Rotterdam with Ni [maybe we should go long Rotterdam warehouses] which will arrive in 3 weeks [finally the waiting will be over].
Question to hedge funds:
Isn't it dangerous to short Ni with LME supplies down again today, and at approx 21kt the lowest in 8 years, and in terms of weeks of inventory the lowest in who knows how many years?
Question 2. Some Brazilian iron ore outfit [symbol RIO, something like sweet river valley in Portugese] floated on the NYSE this week. They are the world's largest iron ore producer [just goes to show how parochial we N. Americans are]. Their CEO was on CNBC. While it was hard for CNBC to discuss a company with a useful product that one can hold in one's hands, they got as far as allowing the CEO to state that his companies markets for Fe are Europe and Asia, and the markets are booming.
As they also ship manganese, but apparently not Ni, maybe it's just foundries and not stainless mills that are busy. |
