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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 2026

Nickel has stabilised near the lower end of its recent range as high-cost NPI, ferronickel and intermediate producers provide downside support. Strong Indonesian mined and finished supply, ample inventories and weak stainless-steel demand should cap rallies. We expect a rangebound Q4 with support around $15,000–15,500/t; sustained upside above $17,000/t requires confirmed, persistent Indonesian production cuts.

Metals

Our latest Quarterly Metals Report looks at the key themes shaping metals markets into year-end and early 2027. We assess the impact of geopolitical tensions, elevated energy costs, monetary policy and shifting trade flows, alongside our outlook for individual base and precious metals. The report also explores the supply, inventory and demand dynamics driving increasing divergence across the complex.
Quarterly Metals Report

Quarterly Metals Report Archive

Nickel Outlook – Q3 2026
Nickel Outlook – Q2 2026
Nickel Outlook – Q1 2026
Nickel Outlook – Q4 2025
Nickel Outlook – Q3 2025
Nickel Outlook – Q2 2025
Nickel Outlook – Q1 2025
Nickel Outlook – Q4 2024

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