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 – Q1 2024

The nickel market experienced a notable decline in Q4 2023 due to lacklustre demand and an oversupply of low-cost nickel from Indonesia. The supply surge is expected to continue until it peaks in 2026, leading to a substantial global surplus in 2024. The demand outlook for Q1 2024 remains unchanged, but the market is unlikely to overextend the fall to $15,000/t if the $16,000/t support level breaks. With many mines and smelters under pressure to maintain profit margins, a delicate balance of supply and demand is expected in the coming months.

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