Commodity Market Report

Global nickel short-term outlook September 2023

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Nickel prices hit their lowest level for two years and can only go lower as surpluses accumulate. Economic improvement and stronger demand in China might slow that decline but with Chinese nickel sulphate producers now converting their excess to nickel metal, the surplus in Class I metal will grow quickly. This month's increase in LME stocks hints that this has already started. Recovering demand in 2024 will be outstripped by increases in supply.

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    Global Nickel Short Term Outlook September 2023.pdf

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