Commodity Market Report
Global nickel short-term outlook August 2023
Report summary
Nickel prices will fall through recent resistance levels under the weight of more triple-digit global surpluses that lie ahead. The closer-to-balance markets of H2 2024 will give way once again to crushing quarterly surpluses in 2025. In short, by the end of that year, we expect prices to test lows that would place more than 30% of the nickel supply under water, financially, on a C1 cash cost basis.
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