The Case for Kun-Manie slide image

The Case for Kun-Manie

Nickel Forecast - The Only Way Is Up ■ Nickel demand and falling supply set to drive a deep and long term deficit Price of Nickel must rise to spur supply to match new demand driven by EV market Analyst Forecast: Nickel (US$/lb)* Date Firm 2017 2018 2019 2020 LT 28-Sep-17 CIBC $4.65 $5.00 $5.50 $6.00 $6.68 25-Sep-17 Deutsche Bank $4.45 $4.65 $5.22 $5.96 $7.49 22-Sep-17 UBS $4.35 $5.25 $6.25 $7.50 $7.90 21-Sep-17 JP Morgan $4.35 $3.86 $4.54 $8.16 21-Sep-17 Credit Suisse $4.71 $5.25 $5.50 $5.75 $6.70 20-Sep-17 Barclays $4.54 $4.69 $4.99 $6.50 Potential for a "Sulphide" premium 19-Sep-17 RBC $4.24 $4.50 $5.00 $6.00 $8.00 18-Sep-17 BMO $4.27 $4.50 $5.00 $6.00 $7.00 to spot price for Nickel product 18-Sep-17 Morgan Stanley $4.51 $4.88 $4.93 $5.93 derived from sulphide deposits 18-Sep-17 Jefferies $4.63 $5.22 $5.44 $5.90 $5.90 18-Sep-17 Raymond James $4.56 $4.68 $5.33 $6.33 17-Sep-17 National Bank $4.36 $5.00 $6.00 $6.50 $7.50 which are the only tangible source of 15-Sep-17 Macquarie $4.51 $4.82 $5.22 $5.44 $5.90 15-Sep-17 Scotia $4.40 $5.00 $5.50 $6.00 supply to the EV battery 11-Sep-17 Societe Generale $5.11 $5.44 $5.90 $6.35 manufacturers 08-Sep-17 Eight Capital $4.56 $5.25 $6.35 $7.00 07-Sep-17 Canaccord $4.65 $4.65 $5.00 $5.50 $7.00 06-Sep-17 Haywood $4.50 $6.00 $6.50 $7.50 $7.50 All analysts forecast Nickel price will rise 01-Sep-17 HSBC $4.57 $4.99 $5.07 $7.48 09-Aug-17 GMP Securities $5.71 $8.00 $8.00 $8.00 $8.00 09-Aug-17 TD $4.40 $4.75 $5.00 $6.50 $7.50 11-Jul-17 Investec $4.35 $4.48 $5.25 $6.00 $6.99 Average $4.56 $5.04 $5.52 $6.32 $7.19 As reported by CIBC September 29 2017 Amur Minerals 10
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