After volatile second part of 2019, nickel have been trading around $14,000 a tonne, gaining momentum on the back of a trade truce between US and China. On September 12th 2019, nickel prices have reached a five-year high of $18,153 a tonne after Indonesia confirmed it would ban all exports of the metal in 2020. On December 4th, the metal dropped to a five-month low of $13,075 a tonne as the escalation in US-China trade war brought the expectations of slower demand from Beijing. Historically, Nickel reached an all time high of 54050 in May of 2007.
Nickel is expected to trade at 14501.50 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 15466.66 in 12 months time.