We are just half way through Q3, and during this period LME stocks have already increased by 12,600 tonnes. Our forecast for the total nickel stock build over Q3 is only marginally higher at 16,000 tonnes. It could be that demand is even weaker than we are currently estimating. Overall, we are still forecasting 5.7% growth in nickel demand in 2012, however, the chances of this rate now being met we must acknowledge are on the downside.
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