Nickel Seen Extending Rally by Goldman on Indonesia Ban

Posted on January 21, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Nickel, the best-performing industrial metal this year, may extend its rally as Indonesia’s ban on unprocessed ore exports crimps supply, according to Goldman Sachs Group Inc.

Goldman raised its 12-month price target on the metal used in stainless steel to $16,000 a metric ton from $15,000, analysts including Christian Lelong said in a report today. That would mean a 10 percent gain from now. Goldman also listed zinc and palladium among its top picks on tightening supplies, while iron ore and copper have “the greatest downside” risks, it said.