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Nickel Price Likely to Recover

Metal News - Published on Tue, 22 Oct 2019

Image Source: gocontractor.com
Nickel mining was in the doldrums for years but it rebounded in early September, to a five-year high above USD 18,000 per tonne, up by 69% since the start of the year, when it was trading at USD 10,604. Supply fears came to the fore last month after Indonesia announced it would ban nickel ore exports from 2020 as it develops an electric battery industry backed by Chinese stainless steel giant Tsingshan Group. But those concerns have since been overtaken by the economic uncertainty caused by the US-China trade war and China's slowing economy causing prices to slip below USD 17,000. However, prices could be set to rise again with stocks at the London Metal Exchange sitting at a six-year low, down 40 per cent since the start of October ahead of the Indonesian export ban.

Investment firm Paradigm Capital said in a research note that current inventories are enough to cover roughly one week of consumption, which we characterize as critically tight.

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Posted By : Rabi Wangkhem on Tue, 22 Oct 2019
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