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Despite the uncertainty brought by the coronavirus pandemic, nickel rebounded sharply this year from Q1 lows seen after COVID-19-related lockdown measures.
Positive investor sentiment around the use of nickel in electric vehicle (EV) batteries surged, although analysts still expect demand from the battery industry to lag behind steel demand for some time.
As the year comes to a close, the Investing News Network (INN) asked analysts in the field for their thoughts on what’s ahead for the base metal. Read on for their predictions.
Nickel outlook 2021: Price performance review
Nickel started the year trading at US$14,070 per tonne, but plummeted to US$11,055 by March, when markets started to feel the impact of coronavirus containment measures and lockdowns. The second quarter saw the metal start a sharp rebound that ultimately led to its highest point year-to-date: US$17,650 on December 15.
For Roskill’s Jack Anderson, the nickel price lived up to its volatile reputation through the year — it was able to rise from a COVID-19 low in March despite the market being in oversupply.
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