Nickel futures were trading around the $23,000-per-tonne level as rising production and fears of a demand-sapping global recession continued to pressure the market. Global primary nickel production could increase 19% in 2022 to 3.21 million mt, and the nickel deficit of 2021 should turn into a mild surplus of around 40,000 mt in 2022, according to Russia's Nornickel. Adding to the bearish outlook were lingering worries that a global economic slowdown triggered by an aggressive tightening from major central banks would dampen metal's demand. In early March, prices briefly topped the $100,000 mark amid a vicious short squeeze as China's Tsingshan Holding Group, one of the world's top producers, bought large amounts to hedge its short bets on the metal.
Historically, Nickel reached an all time high of 54050 in May of 2007. Nickel - data, forecasts, historical chart - was last updated on June of 2022.
Nickel is expected to trade at 23609.40 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 27795.09 in 12 months time.