what a Dog, page-7

Just a quick note on a topic other than those frustrating shorters

From what I could find, annual nickel ore production in 2015 was 1.8 mil tonne. With Philippines mine closures equating to 10% of world production, this would be 180,000 tonne less nickel per year of supply.

In the last year, LME Nickel Storage went from 440,000 tonne to 380,000 tonne with a drop of 60,000(not to mention the huge drop in chinese storage levels which I can t find a figure for).

So am I wrong in thinking that a drop of 180,000 tonne is going to make a huge difference? Not to mention the increased demand immediately with Chinese stockpiles low (anyone got a rough figure??) as well as increasing demand from China? Is it not reasonable to believe that the Nickel price is in for a major adjustment in the near future?

Would love someone to point out any inconsistencies I have. i.e. Are LME storage levels the majority of nickel storage currently?