nickle bound to rise

The fundamentals in the supply/demand have not changed, shortage in Nickle growing, with output not be able to keep up with demand.
With the negative short term outlook for metals such as Copper and Nickle fast dissapearing we can expect that MCR sp has bottomed and will start reaching new hights when new exploration results are being announced.
At today prices MCR has my BUY recommendation.

Article from miningweb yesterday.

Nickel’s 6 percent supply deficit could widen this year, as demand out of China is set to jump. The metal’s price has risen 35 percent over the last 12 months, causing a squeeze on steel producer’s profits, says Bloomberg.

Shanghai Baosteel Group, China’s largest steelmaker, told the newservice it would triple its purchases of nickel this year to supply its two new stainless steel plants. Discussions are currently underway with Jinchuan Group, China’s biggest nickel producer. Last year the company purchased 6,000 tons of nickel.

Li Cheng, president of the stainless steel council of China’s Special Steel Enterprises Association said nickel output is unable to keep the pace with stainless steel production, forcing steel makers to use cheaper alternatives such as chromium and manganese in steel production.

The nickel price, currently at around $10,995 per ton, would need to fall to about $7000 per ton for steel makers to start making reasonable returns, said Chai Zhiyong, general manager of Shanxi Taiging Stainless Steel.