Nickel miners up on price surge
Poseidon Nickel has pointed to the rising price of nickel for its share price surge today.
Responding to an ASX query noting the stock's share price had surged from seven cents at the close on Friday to an intraday high of 8.5 cents today, Poseidon said it could offer no other explanation for the spike.
"There is no current explanation that may explain the changes in the price and volume of the company's securities; other than the fact that there has been a very strong upward movement in the nickel prices in recent times," Poseidon said.
Nickel prices have risen to 13-month highs in recent days, as Indonesia's ban on ore exports limits supplies, triggering forecasts for a global shortfall.
LME Nickel for three month delivery is trading above $17,000 a tonne, which equates to slightly above $US8 a pound.
Poseidon shares were up 0.5 cents, or 7.14 per cent, to 7.5 cents at 12.35pm.
Other nickel miners were also experiencing share price spikes, with Western Areas up 23 cents, or 6.12 per cent, to $3.99; Panoramic Resources up 2.5 cents, or 4.51 per cent, to 58 cents and Mincor Resources up seven cents, or 8.75 per cent, to 87 cents.
