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Nickel was the worst performer among the London Metal Exchange’s (LME) base metals last year by some margin as the market priced in a wave of new Indonesian supply.
Indonesia’s mined production rose by 29.2% year on year in the first 10 months of 2023, according to the International Nickel Study Group. Nickel demand is rising fast thanks to its use in electric vehicle batteries but nowhere near the pace of supply growth. Note the highlighted part. Our beloved Sherritt is dogpaddling through a tsunami of growth in nickel supply, and everyone knows.
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