Nickel the best performing segment in December
Our Nickel basket was December’s best performer, up 33%, benefiting from IGO’s (ASX:IGO) bid for Western Areas (ASX:WSA) and the conclusion of the Noront (TSXV:NOT) bidding war. Mincor (ASX:MCR) benefited the most from the IGO bid, although most of WSA’s Australian peers experienced strong performance as well. Falling metal inventories have supported nickel prices in recent weeks but there is some worry that macro concerns, and mine restarts, could pressure the nickel price in January. Notwithstanding that, we still expect strong nickel demand for batteries in 2022 which should translate into higher nickel prices for the year. Graphite finally came...