"Nickel (figure 4) has continued to perform strongly finishing the week at around US$8.60/lb with tighter LME spreads pointing to emerging physical tightness, diminishing LME stockpiles (figure 5).US$20K per tonne looking likely in the near term.Nickel is likely to be a significant beneficiary due to EV battery re-stocking and is generally stronger anyway in Q3 as Chinese stainless comes on top of already elevated levels of output and end demand.As I indicated last week, supply disruptions in New Caledonia and Indonesian supply concerns (on the back of surging Covid-19 cases and possible NPI restrictions) together with Russian export taxes are likely to put significant upward pressure on nickel prices.FIGURE 4: 1 year spot nickel (Source: www.*****metals.com, 16 July 2021).FIGURE 5: 1 year LME Nickel Warehouse Stocks Level (Source: www.*****metals.com, 16 July 2021)."
Recent article also some news today of BHP and Tesla.
The macrometrics look promising......
"Nickel (figure 4) has continued to perform strongly finishing...
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Mkt cap ! $11.81M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 3 | 6223333 | 0.6¢ |
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| 0.7¢ | 10323801 | 13 |
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