06.10.2014 - Nickel Advances Most in 19 Weeks as Goldman See Rally
Nickel rose the most since mid-May as Goldman Sachs Group Inc. said it expects prices to recover after the metal entered a bear market this week. Rising costs stemming from an Indonesian ore-export ban, along with lower Philippine ore deliveries to China, the world’s largest nickel user, will help boost prices to $22,000 a metric ton in 12 months, or 37 percent higher than yesterday’s close, Goldman analysts led by Jeffrey Currie said in a note dated yesterday. Indonesia was the top supplier to China until it implemented the limits in January. “The Indonesians don’t seem to be relenting on the ore-export ban, so the nickel price is likely to have some upside from here,” Tai Wong, director of commodity products trading at BMO Capital Markets Corp. said...............................................Full Article: Source
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