Agree, and a lot of short term traders must have hopped on for a quick ride. Due for a rest day imo, and if not tommorrow then Thurday. Nickel probably due for a rest day too, as some of the traders there also take profits.
Longterm strong demand growth via stainless steel, and no matter how strong the eventual supply response, can't see it matching until there is a technology breakthrough. There just aren't enough known low/med cost near surface NiS deposits.
One certainty. The current high pon will give impetus for growth in batteries to bypass nickel. I understand the next generation Toyota prius is going to lithium ion. No big deal for Ni as batteries are not the main game.
Personally wouldn't buy more MCR without a pullback, although I reckon still dirt cheap at current sp.
EL
MCR Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
