Research & Stock Picks

Company Reports

11 November 2024

By

Nickel Weekly (11 November 2024): USD 15,931/ton (+1.3% WoW)

Recent Catalysts Driving the Price

  • Between 04 – 08 November 2024, nickel prices rose +1.3% WoW, averaging USD 15,931/ton, driven by the announcement of CNY 10tn stimulus package from the Chinese government aimed to tackle local government debt issues, coupled with signals that more economic support measures are planned for next year.
  • China’s October PMI rose to 50.3 (+2.2% MoM, +1.6% YoY), indicating the first manufacturing activity expansion since April. The PMI data was further supported by the -1.17% WoW decline in stainless steel inventory, building on the -0.85% drop in the prior week. In addition, the potential implementation of a new export ban on commodities by the Indonesian government may tighten global nickel supply, providing another catalyst for higher prices.
  • Despite this, we maintain our FY24 nickel price forecast at USD 16,900/ton (YTD: USD 17,012/ton), mainly due to risk of trade war following Trump’s election victory. Stock-wise, we retain NCKL as our top pick, driven by anticipated earnings growth from capacity expansion and the industry's lowest cash cost, with a TP of IDR 1,200 (FY24 P/E: 8.4x).

Share This:

Download PDF

Download PDF

UPDATE_Nickel_Weekly_20241111

Download PDF

UPDATE_Nickel_Weekly_20241111

More Related

Morning Briefs

Dec 15, 2025

Economic Reports

Dec 15, 2025

Morning Briefs

Dec 12, 2025

Economic Reports

Dec 12, 2025

Economic Reports

Dec 11, 2025

Morning Briefs

Dec 11, 2025

Economic Reports

Dec 11, 2025

Morning Briefs

Dec 10, 2025

Economic Reports

Dec 10, 2025

Company Reports

Dec 9, 2025

Economic Reports

Dec 9, 2025

Morning Briefs

Dec 8, 2025

Company Reports

Dec 5, 2025

Morning Briefs

Dec 5, 2025

Economic Reports

Dec 5, 2025

Morning Briefs

Dec 4, 2025

Economic Reports

Dec 4, 2025

Morning Briefs

Dec 3, 2025

Economic Reports

Dec 3, 2025

Company Reports

Dec 2, 2025

Economic Reports

Dec 2, 2025

Economic Reports

Dec 1, 2025

Economic Reports

Dec 1, 2025

Economic Reports

Dec 1, 2025

Morning Briefs

Dec 1, 2025

Economic Reports

Nov 30, 2025

Morning Briefs

Nov 28, 2025

Economic Reports

Nov 28, 2025

Morning Briefs

Nov 27, 2025

Economic Reports

Nov 27, 2025

Morning Briefs

Nov 26, 2025

Economic Reports

Nov 26, 2025

Economic Reports

Nov 25, 2025

Morning Briefs

Nov 24, 2025

Economic Reports

Nov 24, 2025

Morning Briefs

Nov 21, 2025

Economic Reports

Nov 21, 2025

Economic Reports

Nov 20, 2025

Economic Reports

Nov 20, 2025

Morning Briefs

Nov 20, 2025

Economic Reports

Nov 20, 2025

Morning Briefs

Nov 19, 2025

Economic Reports

Nov 19, 2025

Company Reports

Nov 18, 2025

Economic Reports

Nov 18, 2025

Morning Briefs

Nov 17, 2025

Economic Reports

Nov 16, 2025

Morning Briefs

Nov 14, 2025

Company Reports

Nov 13, 2025

Economic Reports

Nov 13, 2025

Morning Briefs

Nov 13, 2025

Economic Reports

Nov 12, 2025

Morning Briefs

Nov 12, 2025

Economic Reports

Nov 11, 2025

Economic Reports

Nov 10, 2025

Morning Briefs

Nov 10, 2025

Morning Briefs

Nov 7, 2025

Economic Reports

Nov 6, 2025

Morning Briefs

Nov 6, 2025

Economic Reports

Nov 5, 2025

Economic Reports

Nov 5, 2025

Morning Briefs

Nov 5, 2025

laba bumi

Company Reports

Nov 5, 2025

Economic Reports

Nov 4, 2025

Economic Reports

Nov 3, 2025

Economic Reports

Nov 3, 2025

Economic Reports

Nov 3, 2025

Economic Reports

Nov 3, 2025

Morning Briefs

Nov 3, 2025

Company Reports

Oct 31, 2025

Morning Briefs

Oct 31, 2025