1. Ni finished at US 20050 pt last night- an important psychological level. Highest price since c.14.9.23.
Commodities - Live Quote Price Trading Data (tradingeconomics.com)
It will, IMO, probably fall below US $20k a few more times, before heading well above the US$ 20k pt price again.
To have a meaningful effect on CTM (ie a much bigger re-rerate in the CTM SP), it will need to consolidate at $US $20k pt + for at least, IMO, 2 months.
This will add credibility that the Ni uptrend is not a fleeting phenomenon.
2. More pressure is being applied by western countries to "stigmatise & punish" (my words) cheap, but dirty, Indon Ni laterite ores, being processed by China, that enable the Chinese to make cheap (but not ESG compliant) EV's- which have the potential, if not checked, to flood western markets..
Fastmarkets A. Hotter 23.12.23 said
"The US Foreign Entity Of Concern definition (applies to China, not Indonesia- my words) leaves most Indonesian nickel outside IRA tax credits | Hotter Commodities.
The US Department of Treasury has released its definition of a Foreign Entity of Concern (FEOC) for the purposes of the Inflation Reduction Act (IRA) – and there are big implications for nickel....
The FEOC Rules pretty much put an end to market assumptions that a wall of Indonesian nickel will be available to enter the US battery supply chain. It won't be- at least not with the generous tax credits available under the IRA"
https://www.fastmarkets.com/insights/feoc-definition-leaves-indonesian-nickel-outside-ira-tax-credits-andrea-hotter/
The EU & UK are also considering similar measures, so its citizens are also able to buy EV's that are truly ESG compliant (ie no dirty Ni laterite batteries etc.); & are at competitive prices with the Chinese EV imports, so the very large EU auto manufacturing industry is protected.
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Last
42.5¢ |
Change
-0.045(9.57%) |
Mkt cap ! $210.8M |
Open | High | Low | Value | Volume |
47.0¢ | 47.0¢ | 42.0¢ | $614.4K | 1.383M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 6599 | 42.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
43.0¢ | 7448 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 6599 | 0.425 |
4 | 12444 | 0.420 |
2 | 27450 | 0.415 |
2 | 16195 | 0.410 |
3 | 25500 | 0.405 |
Price($) | Vol. | No. |
---|---|---|
0.430 | 7448 | 1 |
0.465 | 1801 | 1 |
0.470 | 3225 | 1 |
0.480 | 20633 | 2 |
0.500 | 78500 | 3 |
Last trade - 16.10pm 06/06/2024 (20 minute delay) ? |
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Last
42.5¢ |
  |
Change
-0.045 ( 9.25 %) |
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Open | High | Low | Volume | ||
47.0¢ | 47.0¢ | 42.5¢ | 262261 | ||
Last updated 15.58pm 06/06/2024 ? |
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