A realistic and optomistic view - (rampless), page-9

In all honesty you would rather the nickel price go up than real come down too much. If the real comes down too much then expect inflation to start creeping back in and you may see Brazilians start striking for pay increases to cope with the level of inflation. If you were in or listened to the conference call you will note a question from an American around this.
If you look at a commodity chart you will see they have an inverse relationship. Sometimes commodities diverge from the trend like Nickel could due to supply constraints or gold before the GFC but as a general rule its inverse.