Ann: Preliminary June 2016 Quarter Statistics-PAN.AX, page-3

Nickel has performed very well lately,a word of caution---Shanghai nickel stocks have had a bit of a build,LME not a very large drawdown.Problematical if Philippines really is the largest supplier to China.The court decision will have no affect on nickel supply.Philippine govt doing the rounds of the mines there regarding pollution.Finally China will ignore the decision of the court and in any event Dirty Harry cant pull out his gun and start shooting at China,in a nut shell not much will change.I will take that to the bank---cheers