Nickel Climbs as Citigroup and Macquarie See Shortfall

Posted on June 18, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Nickel rose after Macquarie Group Ltd. and Citigroup Inc. reaffirmed their outlooks for supply shortfalls and advised buying the metal following three straight weekly price drops, the longest slump since November.

Nickel surged to a two-year high in May after Indonesia, the largest global producer from mines, barred raw-ore exports in January. Prices have since fallen 12 percent, and that “represents a buying opportunity” even as speculative demand may be cooling temporarily, Macquarie analysts including Colin Hamilton in London said in a report today.