Morning Mumble: What a year! How do you spell Christmas?

Good Morning,

It's been a pleasure and thank you for the many words/thoughts. 

We shall endeavour to post some musings over the Christmas break, what with various items taking priority EMC has taken a back seat. We had our first 'proper' scoop in the western hemisphere the other day, a pleasure and 24hrs before the rest!

The lack of reporting on the "convention" of base metal traders meeting this weekend to discuss...purchasing more metals. One might also need to consider that some out of the money traders will look to take the losses, but at least some Christmas cheers for those long. Expect some adjustments in stockpiling and the reporting of such numbers. (EMC: China Base Metals)

Here's hoping everyone enjoys the festive break and gets some 'R&R.' Li is heading to Macau this year, obviously gambling and the like; who'd have thought it!?! We should feel privileged some declined such opportunity in Macau and are UK bound. No doubt laden with anything duty free like thinking they've got a 'real bargain.'

Yesterday was a proverbial bath with Oxus's failure in their arbitration outcome. The mystery is how Richard Shead kept the RNS professional in light of what some consider a failing in a legal process. 

There will be Oxus update in the new year, but don't expect too much. The monies awarded should cover Calunius's costs, albeit little left over. One would be very surprised if there was an appeal save of course for a curve ball of showing complete incompetence by one of the panel. Is that possible? 

This was not a case of quantum but of reliability of the facts...something that an entity may be able to argue quite cleanly. Fit for practice springs to mind....albeit taking no shine off a stellar year as prudence always suggests taking profits along the way, the beauty of these types of arb type cases. 

We shall await the "trading updates in January!" One cannot help but wonder what the level of inventory in the shops implies for their bottom line. We note the contributors to EMC retail opportunistic survey finding healthy levels in most stores with very few non-food items being sold out (The largest number of contributors we've had - thank you!). 

Does Christmas now start with an E(commerce)?

All the best and Merry Christmas, Fraser