Bear case is :

DEMAND SIDE: alternative Lithium Ion battery chemistries (HFP for example) are increasing share, reducing BEV demand. Whilst, weaker global economy projects impact stainless steel production.

SUPPLY SIDE: increased nickel pig iron and matte production, particularly in Indonesia, and Chinese copper smelters are being tested to switch to nickel production, potentially increasing high grade nickel production.

World Bank Nickel price forecasts are guiding for the nickel price to fall from current spot prices over the next few years as Indonesian production comes online.

DISC - HELD (selling out Monday)