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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 – Q2 2026

Nickel entered Q2 with a firmer policy driven floor as Indonesia tightens supply discipline and reinforces ore pricing, reducing downside risk without removing the structural surplus. Emerging sulphuric acid constraints add upside support, but demand remains insufficient to drive a sustained rally.  Nickel should stay supported but capped, with higher prices likely to attract fresh Indonesian supply approvals and producer hedging.

Metals

As we move into Q2 2026, metals markets are moving away from conflict‑led shocks and toward a more fragmented, metal‑by‑metal setup. With much of the geopolitical premium already absorbed, price action has become more selective and range‑bound, exposing thin liquidity and elevating the importance of local supply conditions. Copper still anchors sentiment across the complex, but price behaviour is increasingly differentiated as markets separate genuinely tight metals from those facing surplus constraints and precious metals capped by rates and dollar dynamics.
Quarterly Metals Report

Quarterly Metals Report Archive

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).

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