• The low crude oil price and higher nickel-in-matte production volume have positively reflected on Vale Indonesia (INCO)’s ability to sustain quarterly operating profit in 3Q15 amid weak nickel price.
  • We continue to like INCO for its: a) cost efficiency mainly in the energy cost that is expected to sustain margin amid current weak nickel price and b) the expectation of better nickel price in 2016