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Nickel glut recedes as biggest metals loser rallies: Commodities

Posted on 26 November 2012

Nickel, this year’s worst-performing metal, is rallying as analysts from Standard Bank Plc to BNP Paribas SA forecast a smaller-than-expected supply glut in 2013. Standard Bank reduced its estimate for the surplus by 17 percent on Oct. 15, citing project delays, and BNP Paribas said Nov. 12 it now expects output to match demand, after cutting its projection three times since April.
Credit Suisse Group AG and Citigroup Inc. also lowered forecasts in the past two months. Nickel will average $19,000 a metric ton in the second quarter, 14 percent more than now, the median of 11 analyst estimates compiled by Bloomberg shows………………………………………..Full Article: Source


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