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If nickel price dips to a point where it's uneconomic to mine, miners have a nasty habit to mine to the bitter end, until they're bankrupt. I would rather not lose my shirt under this scenario. Additionally if there's a modest bump in nickel, I can turn a decent profit - as I can take much larger positions on the basis nickel cannot fall sharply from currently levels and stay there (e.g. below median cost of production).