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LONDON — The global nickel market recorded a supply-demand surplus of 108,000 tonnes last year and is on track to record another 45,000-tonne surplus this year, the International Nickel Study Group (INSG) found.
Most analysts seem to agree.
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Reuters’ quarterly poll, out on Thursday, showed a median forecast that refined nickel supply will exceed demand by 31,000 tonnes this year and 66,500 tonnes next year.
Such assessments feed into a bearish price landscape, with the poll generating a median London Metal Exchange (LME) cash forecast of $16,904 per tonne this year and $16,500 in 2022. LME three-month nickel is trading around $17,615.