Nickel likely to hit $20,500/t in Q3 on strong stainless, EV demand - Citi

July 21, 2021 / www.metalbulletin.com / Article Link

The London Metal Exchange nickel cash price is likely to hit $20,500 per tonne in the third quarter, with strong stainless steel demand and electric vehicle (EV) restocking driving the uptrend, according to analysts at Citi.

Despite a sell off across base metals on July 19, Citi Metals Strategist Oliver Nugent told Fastmarkets that nickel fundamentals remain strong for Q3 and that he expects the price to rise further. The LME three-month nickel price traded at $18,545 per tonne during Tuesday's open, up slightly from $18,462 per tonne on Monday's close.
"There's only a few times you really think things are well-placed ahead of you, in nickel's case I look at the consumption side and it looks ultra strong," Nugent said. 

Nickel demand from the stainless steel sector is one of the key drivers for the view, Nugent said. On the Shanghai Futures Exchange (SHFE),...

Recent News

Investment banks ahead of the gold price, institutions still behind

April 21, 2025 / www.canadianminingreport.com

Gold stocks up, juniors outperform on small cap strength

April 21, 2025 / www.canadianminingreport.com

Gold stocks rebound to new highs

April 14, 2025 / www.canadianminingreport.com

US$ and bonds not the safe havens normally expected

April 14, 2025 / www.canadianminingreport.com

Crash driven by tech and highly cyclical sectors

April 07, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok