Lme stocks4 Oct 2019 07:57
Courtesy of Joebass on amc bb
Regards lme Ni stockpiles
'Closing stock on 30/09/19 was, 157,986 tonnes.
In the first 3 days of October it has dropped 17,082 tonnes, now standing at, 140,904.
Live warrants = 59,544
Cancelled warrants = 81,360
The live warrants total, covers just 9.7 days of global consumption.
It's starting to get tight.
Either a shed load of nickel needs to enter the live warrants or the price will take off PDQ.
$10 /lb could be with us quite soon, yet our sp is still the biggest disconnect to asset value that I've seen, unless someone has a worse example.'
Useful site for upto date numbers
http://www.estainlesssteel.com/stainless-steel-news.shtml
Coutersey of susyboozy earlier this year.
'FYI live warrants currently stand at 118,074 tonnes. This is the figure to keep an eye on. The reduction in live warrants has been accelerating over the past couple of months which suggests to me that there is an increasing appetite for class 1 nickel'
&
'"Open tonnage and cancelled tonnage represent a sub division of the closing stock. The open tonnage represents warrants in free circulation, i.e. tradable, not cancelled. The cancelled tonnage represents tonnage waiting for the owner’s instructions to the warehouse company for removal from the warehouse, or possibly re-issue of warrants. These warrants are no longer freely available for trading. The metal referred to in open and cancelled tonnage remains within the warehouse environment. When a warrant is cancelled the open tonnage is reduced and the cancelled tonnage is increased. There is however no overall effect on the closing stock. Where metal, the subject of a cancelled warrant, is returned to the market by creation of a new warrant, the only affect is on the make up of the closing stock. The impact of such an event is to reduce cancelled tonnage column and increase the open tonnage. There is no effect on the closing stock."
Canceled warrants cover metal destined to leave the exchange at some future date. In effect they've been "booked" out.'
Mcap here 2.35m & asset with npv8 @ 10usd/lbs 2b usd, ratio of >850 to 1, imo uru with zeb is a contenter.
ATB & Good health to all
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