Commodities: Nickel
The QRE ETF has corrected by 15% over the past few weeks from its June high, and we would say it’s now in an optimal accumulation phase for investors who don’t want to run the gauntlet of earnings misses, operational issues, etc. However, with the ETF holding ~15% in energy and utilities stocks, we still think picking individual stocks is a better way to go for the moves that we’re targeting.
Hi James and Shawn,
Hi Market Matters Team
Can I have your current view on Alcoa- it peaked at $98.32 on 13/1/26 – Where do you see the demand for aluminum and the share price of AAI. I’ve been a holder waiting for a recovery and have now reached break even. Would you continue to hold or take the capital and invest elsewhere?
Again a similar scenario with IGO – Peaked $9.50 27/1/26 – do you see more upside? Would you sell? You wrote yesterday – “IGO- fell -6.1% despite higher lithium production and improved pricing in the quarter, the market remains wary of the “multi-asset lithium” model and cost pressures across the chain.”
regards
Debbie
You have a positive consensus on Nickel Industries (NIC), which has recently shot up despite forecasts of oversupply into 2026. However, on the flip side, there is the ever-increasing usage of nickel in electric vehicles. Is nickel the next gold/silver and which other stocks would you refer to? Thanks again for all your guidance.
NIC is a company which focuses on nickel production and processing, with operations mainly in Indonesia. We haven’t discussed NIC at length in 2025 with it having fallen more than 9% while most other miners have soared higher. However, similar to copper, demand for nickel is expected to grow over the long run, mainly because EVs and batteries use it.
IGO -7.2%: 4Q results were mixed, with strong performance from Nova Nickel project more than offset by weaker lithium spodumene Greenbushes production and softer cash flow.
Hi MM,
IGO initially slipped lower on Monday after announcing it would post a loss from its West Australian lithium (Li) processing facility as the miner struggles to find buyers for its product like many of its peers in the current weak market.
IGO is one of the lowest-cost global producers of lithium (Li), with a net cash position of $259 million, which positions it strongly for when the Li price finally turns.
SCCO is a $US80bn copper miner with operations in Peru and Mexico. Most of SCCO’s total revenue comes from Cu, often exceeding 80% in a given year, with the balance from Molybdenum, Zinc, silver, and other metals. SCCO is experiencing steady growth, supported by its focus on expanding copper production and ongoing investments in mining projects.
