More nickel, more nickel – my kingdom for more nickel!
Well, not quite, but Tesla (NASDAQ:TSLA) boss Elon Musk’s impassioned plea for greater investment in “sustainable nickel production” certainly put the material on the map last month. But interestingly it didn’t really have much impact on the nickel price or on equity performance. Musk’s comments were made on 23 July. Stock prices of key Australian producers, Western Areas (ASX:WSA) and Independence Group (ASX:IGO), fell off a cliff the following week (likely due to concerns about Australia’s Covid-19 outbreak). Even LME nickel didn’t move that much, up a measly 4% in the rest of the month following Musk’s comments. While some...