Ladies and gentlemen, good morning. As the title of my paper suggests, during the course of the next 20-30 minutes, I am going to present to you MBR's latest view on the current trend in nickel prices and the challenges that we feel will face them over the coming 12 months. We have already heard this morning Mr Arnold discuss the fundamentals of nickel supply and demand over the course of the next decade, and as such I do not intend to go over the same ground again with you in my presentation. Rather, my initial aim is to present to the assembled audience today an assessment of the current state of nickel prices, particularly given recent events. I will also assess a number of the various indicators that LME nickel prices are sometimes compared to and what these are indicating that the nickel price may do in the next six months. Finally, I shall present MBR's assessment of prices over the next twelve months and the grounds upon which we have based them.
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