Disruption of production in New Caledonia has further hampered the Nickel market, which has been hurt by supply concerns since the beginning of the year.
Consequently, we have seen a further acceleration of the nickel rally, which has sent the nickel price up 45% this year and to the highest level since early 2012.
Although we could see a short-term correction if production in New Caledonia resumes shortly, the potential remains on the upside for nickel on a medium-term horizon.
The combination of the supply tightening in Indonesia and the gradual recovery in the world economy will probably push the nickel price above USD21,000/mt towards the end of next year.
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