"If BHP gets out from Nickel business then we can see Nickel well above 10 dollars per lbs"
ITS... I notice everyone getting excited about this... Which is strange.
Why would the worlds most successful miner, completely dumping a product line, signal optimism in the future of said product...?
Also, BHP isn't just going to turn off their operating mines and walk away, therefore reducing world nickel production. BHP plans to sell the mines. The companies buying the ni mines are not going to buy the mines just to turn them off so ergo nickel stockpiles continue as they are.
Anyway, nickel prices look good for now, rising with USD, while AUD/USD is falling. This is very good for out miners... But I can't see this being long lived.
Make hey while the sun shines - But I don't think the nickel market is looking very positive longer term - BHP has made that clear imo.
MRE Price at posting:
79.5¢ Sentiment: None Disclosure: Not Held
