Citigroup Says Nickel Ban Will End Oversupply

Platts reported Indonesia’s nickel export ban will put the market into deficit, according to Citigroup.

As quoted in the market news:

The bank notes nickel has been the worst-performing base metal so far this year, with three-months nickel having fallen 30% from its $22,150/mt peak in early February on the London Metal Exchange.

But Citigroup forecasts that the implementation of legislation by Indonesian authorities is likely to support nickel above its current range.

Click here to read the full Platts report.