Last month, Russian President Putin suggested Moscow should consider limiting exports of uranium, titanium, and nickel as retaliation for Western sanctions. Not surprisingly, related stocks jumped on the news. Geopolitics are a fickle beast, and with Trump ahead at the bookmakers, anything is possible next year. Putin himself stressed that the measures need not be taken “tomorrow” and should not hurt Russia – in other words, lots of hot air! As is often the case, China is the largest consumer of nickel, accounting for around 60% of global consumption; hence, if they can stimulate their economy back to life, it should be good news for NIC.
- We like NIC as an aggressive play/trade targeting a test of $1.20, over 20% higher.
MM is cautiously bullish about NIC
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