Global nickel investment horizon outlook Q3 2023
Prices have remained stubbornly high this year despite growing surpluses and tepid global demand. However, this month nickel stocks on the exchanges resumed an upward path just at the time new names from China have registered their product. Prices are beginning to waver now, and under the weight of global surpluses for the next five years they will head down to levels not seen for a while. However, the size of the cumulative surplus over the next 10 years seems unrealistic. As we question whether this global headline of total nickel refined units is meaningful anymore, we also provide balances for the Class I, Class II and nickel sulphate markets.