Nickel has been trending down since early 2023, and bearish sentiment still pervades the market in 2024. Supply is expected to outflank demand over the short term, but the longer-term outlook for the metal is strong.
The Investing News Network (INN) spoke to analysts to get their thoughts on the biggest nickel trends to watch for in 2024, and what they think will affect the market moving forward. They discussed factors such as oversupply, weaker-than-expected demand from China and doubts about the London Metal Exchange after it suspended trading last year.
Demand from the electric vehicle industry is one reason nickel’s future looks bright further into the future.
“Global nickel consumption is expected to increase due to recovery of the stainless steel sector and increased usage of nickel in electric vehicle batteries. Batteries now account for almost 17 percent of total nickel demand, behind stainless steel,” Ewa Manthey,…
