Vale forecasts nickel, copper market surpluses in 2020

The supply and demand balance in both nickel and copper markets is expected at a surplus this year despite lower output due to the Covid-19 pandemic, Brazilian mining company Vale said in its first-quarter earnings report on Tuesday April 28.

Supply of finished nickel, for example, is forecast to have declined by 12,000-15,000 tonnes in the first quarter because of coronavirus-related closures and output cuts, Vale added. Operations in South Africa, Madagascar, Canada, Colombia and the Philippines were affected, the company stated.
Vale changed its expectations for the nickel market in the near term under this new scenario, now forecasting a surplus in supply-demand balance, from an outlook of consecutive annual deficits. The long-term view, however, remained positive, it added.

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