Comparing CTM to stocks like SGQ and BSX, page-128

LONDON (Reuters) - The London Metal Exchange (LME) nickel price recently touch a year-to-date high. Nickel bulls would love to believe this is all about rising usage in lithium-ion batteries for electric vehicles. The EV story has generated a tangible buzz in the nickel market over the last two years with Tesla's (TSLA.O) Elon Musk recently fanning the flames with his call for more mines to meet demand for electrification.However, the reality is that the recent rally is much more about that most traditional of price drivers, namely the supply of nickel ore to China's giant stainless steel sector.Such old-school dynamics are going to push the global market into a period of over-supply this year and next, according to the latest forecasts from the International Nickel Study Group (INSG).The EV narrative, for now at least, is stuck in the slow lane.