Rising production coupled with solid but unexceptional demand for nickel is expected to leave the global market balanced in the fourth quarter. This follows a sizeable deficit of 56,600t in the first half and a small surplus of 6,000t in the seasonally slow third quarter. The key for the nickel market, however, is the persistence of ample volumes of stock, which suggests that consumers are unlikely to experience any near-term tightness in supply. Inventories on the LME, having declined by over 40,000t in the year to end-September, have risen again recently and currently stand at 124,000t.
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