I had factored the possibility of falling nickel prices. - but...

I had factored the possibility of falling nickel prices. - but SMY got its hedge price near the top so is covered for medium term from fluctuations in nickel price.

Also, SMY was financed as a goer before nickel price began its steep rise, so even if we are talking post hedge prices, SMY is well in the black.

With the amount of resources China has started sucking in, and dwindling supply,I think demand for raw materials will be solid for quite a while yet.