POS boys are smarter than we think, page-4

Not Ni, but an interesting chart all the same, making a point about sentiment. It's from FMG's latest presentation showing days of iron ore supply - port stocks (blue line) ... and iron ore price (red line). Sentiment appears to have oversold the price quite considerably, based on this chart which goes back to Sept 2010....
Perhaps the same story can be told about many commodities including nickel.
Even with nickel's current high stock levels, where should its be price-wise? Quite probably higher than where it is now ... At present prices due to fundamentals, yes, but also due to an excess of negative sentiment.