Having underperformed in the first quarter, the price of nickel surged in April, only to fall back more recently. The rally did, however, raise the question of whether the four-year long downturn in nickel prices was finally coming to an end. While we expect the price of nickel to end the year higher, the recent spike appeared premature given still-high stocks and a lack of clarity on the demand-supply fundamentals. In this Metals & Mining Watch, we will make the case for a modest rebound in prices by end-2016 and for a stronger rally in 2017.
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