DB : Vale (VALE US) is taking out 150,000 tons of nickel production for the next three years
Vale Chief Executive Officer Fabio Schvartsman said in an interview said Vale is holding off on major investments at mines in Canada and New Caledonia and is taking out 150,000 tons of production for the next three years to protect its reserves and “to give us the opportunity of participating in the EV revolution. (Bloomberg)
DB : This is equivalent to 6% of global supply; should lead to stronger nickel price. Currently, LME future nickel prices stay strong at US$14,750/t. Our top picks are INCO and ANTM.