Nickel highlights

摘要

Nickel marches on and has now taken out the $17,000/tonne level. The primary trigger for the rally has been the ban on ore exports from Indonesia, although it took some time for prices to really start to react. But on top of this as tensions rise between Russia and the US/EU over the Ukraine situation, the likelihood of nickel exports from Russia continuing in an unhindered manner seems to be diminishing. Or at least this is what the nickel bulls are counting on. We have revised up our Q2-Q4 price forecasts to better capture the current rally. However, behind these new forecasts are the following assumptions that have kept our revisions relatively modest.