1. Ni finished at US 20050 pt last night- an important...

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.