Conclusion for those not wanting to wade through all the...

Conclusion for those not wanting to wade through all the pages...
Conclusion

Increasing nickel demand and current constrained supply is resulting in a drawdown of nickel inventories; however the risk of an increase in class 2 nickel from Indonesia or Philippines has not helped nickel sentiment. Meanwhile a lack of nickel mine investment after a decade of suppressed nickel prices could lead to future supply shortages. In particular the demand for class 1 nickel ideally sourced from nickel sulphide mines is set to surge strongly as the EV boom takes off in the next decade, most likely leading to a pricing premium for nickel sulphate. UBS believes the demand increase for nickel in batteries is about 11 fold between now and 2025. My next article will look specifically at my top nickel sulphide miners and near term producers, as they will benefit most from the EV boom, which is really just getting started now, and will accelerate in the 2020s.