Commodity Market Report
Global nickel long-term outlook Q2 2020
Report summary
The severe impact of the pandemic on the global economy has forced extensive cuts in our demand forecast since March, moving the near-term nickel market from deficit to surplus. The ongoing ramp up of NPI production in Indonesia has made those that surplus even larger. Although this signals nickel prices may remain low for a while, scenario analysis indicates that a deeper recession may force nickel production cuts that could allow prices to rally sooner.
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