Nickel Outlook

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Expert nickel market insights

Our quarterly nickel outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for the nickel futures and spot prices are analysed. Our research team produce a nickel price range forecast as part of the report.

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Nickel Outlook – Q4 2022

The collapse of the nickel spread to a contango was triggered by the large supply of class 2 nickel from Indonesia. However, we still expect a class 1 deficit which could keep exchange stocks low, giving an impression of a tight market. Stainless production is significantly higher this year, but stainless-containing nickel has suffered. The forward curve suggests higher prices in the longer run, but we expect output in nickel products and NPI in Indonesia to present downside to the market. China’s re-opening would boost stainless demand through autos and properties, offering an upside as speculators re-enter the market before the fundamentals come back into play...

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