Nickel Q3 forecast 2015 from Fastmarkets, page-16

VH

Always appreciate your comments on nickel and stock levels, but not sure that your analysis is correct on this occasion.

Stock levels do appear to be depleting, but prices have not yet adjusted significantly.

I have heard rumours that China is presently restocking its inventories while prices are low. If this is true it could account for the decline in stock levels we see at the moment.

What worries me is that after they have completed the restocking process we could see another rebound in inventory levels because the demand for nickel would reduce considerably.

Are you in a position to say that the decline in inventory levels is through day to day usage or stock rebuilding.

If not we could be misinterpreting the situation.

Appreciate your comments.

WT