Is MCR undervalued, page-2

I think the general consensus view here is that MCR is undervalued - particularly with recent short term movements.

But it all comes down to expected future Ni price: it is feasible that the SP could fall a lot more if we see a dip in Ni again; conversely, a sustained increase will see the SP skyrocket. There are very different views across the market what the likely status will be even a month from now - makes it very hard to value with any degree of certainty. It's all about expected value.