INSG data paints a more bearish picture for 2014, but our 2015 view is unchanged

摘要

The INSG published its latest supply-demand estimates late last week, including its first take on full-year numbers for 2014. At first sight, the report appears troublesome forthe nickel bulls, for a number of reasons: The surplus in the second half of 2014 averaged 14,800 tonnes per month (tpm). This compares with an average of 12,460 tpm reported in the INSG's previous bulletin.