Goldman Sachs: Nickel May Extend Rally, As Indonesian Ban Continues

“Nickel, the best-performing industrial metal this year, may extend its rally as Indonesia’s ban on unprocessed ore exports crimps supply, according to Goldman Sachs Group Inc.,” reports Bloomberg.

“Goldman raised its 12-month price target on the metal used in stainless steel to $16,000 a metric ton from $15,000, analysts including Christian Lelong said in a report today. That would mean a 10 percent gain from now. Goldman also listed zinc and palladium among its top picks on tightening supplies, while iron ore and copper have ‘the greatest downside’ risks, it said.”

“Nickel climbed 4.8 percent this year, the most among the six major metals on the London Metal Exchange as Indonesia restricted shipments starting Jan. 12. The global nickel market may swing into a deficit next year, Barclays Plc and Macquarie Group Ltd. estimate, while Citigroup Inc. forecasts the price at $17,000 a ton this quarter.”

In metal price news for stainless steel and nickel…

With a 0.7 percent increase over the past day, the spot price of nickel was the biggest mover on the LME, closing at $14,590 per metric ton on Monday, January 20. The cash price of primary Indian nickel increased 0.5 percent. At $14,625, the nickel 3-month price finished the market day on the LME up 0.4 percent per metric ton.

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Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome remained essentially flat. For the fifth consecutive day, the price of Chinese ferro-moly held flat.

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The price of Chinese primary nickel declined 0.2 percent. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row. The price of Chinese 304 stainless coil held steady. The price of Chinese 316 stainless steel scrap saw little movement. The price of Chinese 304 stainless steel scrap was unchanged.

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