please refer to the important disclosures on inside back cover of this document or our website www macquarie com au research global nickel outlook 16 november 2005 can bull run be sustained 3 short term weakness but good times roll 4 seeking margin and growth 7 consolidation downstream investment 10 coverage 15 appendix 1 market 42 2 sulphides laterites 59 resources team sydney 612 8232 3575 perth 618 9224 0833 hong kong 852 2823 3590 jakarta 62 21 515 7338 commodity analysis london 44 20 7065 2014 past couple years has been result an unprecedented surge in consumption due mainly booming chinese demand combined with under new capacity however sharp fall rate stainless steel outside china led a strong build up inventories large scale production cuts being enacted second half resulted temporary oversupply primary
