SYR 0.00% 38.0¢ syrah resources limited

It was trading at $5 a year ago today at 50 cent., page-2

  1. 2,003 Posts.
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    Fair question, @maktry. As a long-time holder, I am very concerned.

    The Number One factor causing the drop in price to SYR, as stated in this announcement, is the:"Recent sharp depreciation in the Chinese Yuan"

    But that just does not add up.

    The change in price (again, quoting from the announcement) is a drop from US$457 per tonne to approx US$400, between Q2 2019 and Q3 2019. That's a drop of 11.4%. Yet the actual drop in the value of the Yuan against the US dollar, from January to now, is from 6.80 to 7.12 - that is, a fall of 4.7%. That's a big difference, if it's going to be attributed to the lower-ranked causes listed, such as Madagascar production, and cuts in Chinese EV subsidies.

    What is going on here? This does not inspire confidence, and only serves to make today's price collapse fully understandable.
 
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