And thereby hangs a tale

Copper above U$5.00/lb

Here’s the Asia overnight open:

That’s the first time ever. In other news, palladium, platinum, gold and others running hard. And with that, the top IKN prediction for 2022 is hit within the first quarter. Though to be fair, when writing on December 21st to “(e)xpect plenty of headlines when the world’s most important non-ferrous breaks U$5.00/lb“, the headlines we’ve had in the last two weeks weren’t the ones this desk had in mind. A very bad way to be right.


    Nickel Short Squeeze?


      I’ve been watching nickel, mouth agape. And wheat, too. And copper whacked at the bell Quite a day at the track.


    Copper flying but FCX and copper plays hammered. I shorted this morning. Rumours of producers being long physical and short futures will create margin calls. Not a great situation to be in. Look at Peabody in cola today. Be really careful IMO.


      Don’t get me wrong, I’m not in there doing my Gordon Gekko impersonation. I’m a poor daytrader at the best of times and these are not the best of times. Observing yes, but it simply is not for me. Sticking to my knitting.


    Otto, have you covered any of the Chilean companies like NGEX, FILO, or JOSE at all? What do you think of them in this environment and their roots to Lundin?


      Chilean and Argentine, to be accurate. TBH Lundin Group companies are for other people, but I’ve followed them for sure. But I don’t think you need my advice on the group when BHP brings own hundred million reasons to sponsor their exploration programs. OTOH I wish the family well, for other reasons than mining.


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