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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 – Q3 2026

Nickel has stabilised after the June correction, supported by tighter Indonesian ore policy and elevated HPAL input costs. However, demand remains soft and the market still lacks confirmation of a sustained squeeze. We expect prices to trade broadly within $16,500–18,000/t into late September, with rallies capped near the upper range.

Metals

The first half of 2026 was dominated by geopolitical risk, inflation concerns and shifting monetary policy expectations. As we move into H2, many of those themes remain relevant, but the market focus has become more nuanced. Investors are no longer reacting to events themselves, but to the way they influence energy prices, inflation, and ultimately policy expectations. The result is an increasingly uneven backdrop across commodity markets. Across base metals, this has produced a more selective environment in which individual supply-demand dynamics, positioning and sector-specific demand trends are playing a larger role in price formation than broad macro sentiment alone.
Quarterly Metals Report

Quarterly Metals Report Archive

Nickel Outlook – Q3 2020
Nickel Outlook – Q2 2020
Nickel Outlook – Q1 2020

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We execute and clear a significant proportion of the market activity on the London Metal Exchange (LME), the world's largest non-ferrous metals exchange. We also provide access to the CME’s base metal futures and options contracts on its COMEX exchange, nickel contracts on the Shanghai Futures Exchange (SHFE) and copper contracts on the Shanghai International Energy Exchange (INE).

Base Metals

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