RE:RE:SherrittSeasonality aside, Ni is still near a multi-year low and inventory still near a multi-year high. So even if there were no production problems that is a significant headwind for the SP & certainly explains part of the SP drop as it's becoming clear that the bounce off the bottom for Ni price will not be straight up. Improving relations with US is a definite plus - but hard to say how much per share it is worth, and to what extent that value is already priced into the SP.