QPM Chart, page-1952

i dont buy a very +ve correlation between QPM and nickel. The window in the graph is only 6 months. Perhaps slightly positive correclation at this level of nickel price. You have to factor in the extra QPM derisking in 6 months, the fact that battery metals markets will split into different ESG grades as announced by the LME last month, the fact that high emissions nickel from Indo NPI will cap the standard nickel price, the fact that we will produce other outputs. Sometimes people see patterns they want to see.