The star of the day..... Nickel.... BHP will do very well on the next few years with this asset class alone...
Remember May's presentation? ..."4 X as much Nickel needed over the next 30 years".....
METALS-Nickel scales nearly 5-month high on strong demand, steel prices
JUL 16, 2021 12:59AM EDTJuly 16 (Reuters)
- Nickel prices climbed on Friday to their highest in nearly five months, tracking strong gains in stainless steel, while demand for the metal remained solid amid tight supply.Three-month nickel on the London Metal Exchange CMNI3 rose as much as 2.3% to $19,205 a tonne, its highest since Feb. 25.
The most-traded August nickel contract on the Shanghai Futures Exchange SNIcv1 climbed as much as 3.1% to 142,950 yuan ($22,110.34) a tonne, a level unseen since Feb. 26.While nickel demand for electric vehicle batteries is forecast to climb in the coming years, stainless steel still accounts for the bulk of the metal's consumption.
Chinese stainless steel futures surged more than 5% to an all-time high on strong consumption and raw material supply crunch, while concerns over output cut in the steel sector also supported prices.ShFE nickel inventories NI-STX-SGH were last at 7,555 tonnes, down 58% year-to-date and tumbling 74% from the same time last year.Meanwhile, China's nickel cathode output fell 4.4% year-on-year to 79,400 tonnes in January-June, state-backed research house Antaike said, adding output in the second half was expected to reach 88,000 tonnes.
https://www.nasdaq.com/articles/metals-nickel-hits-near-5-month-high-on-strong-demand-low-supply-2021-07-16
Have a great weekend all...
T10
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