Nickel = greater volume consumed,
but readily available
Cobalt =
undersupply until who knows when
Compare
USGS data:
2016 nickel prod: 2,250Kt, total known world reserves: 78,000Kt.
2016 cobalt prod: 123Kt, total known world reserves: 7,000Kt.
Bloomberg est.
190Kt nickel for batteries by 2030 = +8%
and
90Kt cobalt = +73%
That estimate is conservative imo, some have suggested as high as 300Kt cobalt per annum is needed by 2030.
So while more nickel is needed, the demand makes far less an impact on that commodity. Cobalt, on the other hand, needs to ramp up world supply by x2 to stabilize prices.