Q1 results add to list of supportive fundamental factors We noted in our nickel analysis last week that outside of the broader macro and geopolitical issues weighing on the base metals at the moment, the nickel market’s own fundamentals are contributing to price sentiment via a combination of both positive and negative factors. The positives include strong EV sales data, environmental inspections in China that may disrupt NPI production, and falling exchange stocks. In addition, the Q1 reporting season has revealed generally lower year-on-year production by many nickel miners (Nornickel -0.4%, Glencore -10%, Vale -6.1%, BHP -9%, South32 -12.1%, Eramet -5.4%, Lundin -18.1%, among others), with cumulative output by these seven down...
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