The fall in nickel prices has been largely due to a collapse in demand. Data for the first nine-months for 2009 shows nickel consumption at the world level has declined by 9% year-on-year, as end-users aggressively cut inventories. Output of nickel has also declined sharply. For the first three quarters of 2009, nickel mine production fell by 18% year-on-year, while primary production was down by 6%. Producers responded quickly to the fall in demand, with around a quarter of all production suspended during the first half of 2009.
BMO increases nickel price forecast for 2009-2012
BMO Capital Markets has increased its mid-term nickel price assumptions by 26% to US$5.80/lb and 36% for 2010 to US$7.50/lb. In analysis published Thursday, BMO Research upgraded the outlook for nickel for the second half of this year, 2010, 2011 and 2012. The long-term price forecast of US$8.50/lb has been maintained. Read More...
Nickel Price Forecast on Lower Demand
The price may average $6 a pound ($13,230 a metric ton) next year, down from an earlier estimate of $10 a pound, analysts Alan Heap and Alex Tonks said today in a report. A global surplus will widen by almost five times in the next two years, they said. Read More...
Nickel To Average US$24,000/tonne In 2011
Three-month nickel recently pushed above multi-month resistance around the US$24,285/tonne level to trade at US$24,480/tonne at one point today. This technical break suggests that nickel could once again head back to the April high of US$27,595/tonne, but we would need to see a weekly close above the psychologically important level of US$25,000/tonne for confirmation. Read More... For the latest updates PRESS CTR + D or visit Stock Market news Today
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