interesting article on ni

Ex FT.com......"Nickel has reinforced its reputation for volatility, after a price rise of more than 50 per cent in the past month. Key stockpiles have fallen to less than a day's worth of demand due to supply disruptions and higher demand.
The drama has attracted the interest of hedge funds and left many players nursing large losses as the price has moved rapidly against them, underlining the view of metal trading veterans that this is not a market for the faint-hearted.
The nickel price hit a record $26,900 a tonne on the London Metal Exchange on Monday, up about 56 per cent from mid-June, and almost double its price at the end of last year. Yesterday, it eased to $25,400 a tonne, down $425 on the day.
The price rise has coincided with the biggest takeover battle in the nickel industry for decades, with Canadian nickel producers Falconbridge and Inco targets of various offers from Xstrata, the Swiss-based miner, Phelps Dodge, the US copper miner, and Teck Cominco, the Canadian miner.
Where nickel prices go next is unclear, as any further price increase could trigger substitution. If prices fall, it could be as dramatic as the rise over the past month as many hedge funds will be selling out, traders say. LME warehouses have 6,918 tonnes of nickel, of which 52 per cent is already pre-sold, leaving a little less than a day's worth of demand."
"There have also been reports of delays at Inco's Goro project in New Caledonia and BHP Billiton's Ravensthorpe project in Australia. Both mines have delayed their start-up dates, which is why traders are expecting a nickel price of $20,000 a tonne, even in 2008."

You just gotta have some MCR in that portfolio of yours!