Joe the good thing is nickel hasn't bubbled yet. The rise from $5-8/lb was a bit too fast and "unnatural" due to Indonesia's action, and it is natural for the price to draw back down a little bit. In the long term Indonesia didn't do much to change the supply/demand dynamics, however, $8/lb is still well under what a lot of people consider to be the incentive price to build new nickel mines. They longer people wait to invest money in this sector the bigger the real bubble is going to be.
I guess it comes down to whether or not you believe the supply and demand story this time. It didn't work out for cobalt partially because artisanal mining caps cobalt price at roughly $20/lb. Lithium is abundant and apparently it's not too difficult to ramp up hard rock lithium mines.
From everything I have read nickel doesn't appear to have similar issues. There are not a lot of high grade nickel sulfide deposits waiting to be exploited. Demand for electric cars is not weak. Tesla can't make them fast enough and several other companies are limiting their production due to battery supply issues, but that will change quickly.
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Joe the good thing is nickel hasn't bubbled yet. The rise from...
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