Research & Stock Picks

Company Reports

26 August 2024

By

Nickel Weekly (26 August 2024): USD 16,453/ton (+2.8% WoW)

Recent Catalysts Driving the Price

  • Between 19–23 August 2024, nickel prices went up +2.8% WoW, averaging USD 16,453/ton, on the back of significant rebalancing currently occurring in global nickel market, with Australia cutting its 2024 production by 19% to 165,000 tons and Russia's Nornickel reducing output by 17–22% due to maintenance delays. China is scaling back its Nickel Pig Iron (NPI) production by 50,000 tons as it increasingly relies on cheaper imports from Indonesia.
  • Despite these cutbacks, Indonesia is set to increase its 2024 nickel output by over 300,000 tons, a crucial move to meet global demand, particularly in the EV battery sector. The shift highlights the ongoing challenges and opportunities within the nickel industry as it navigates economic pressures and supply chain adjustments.
  • We retain our FY24 nickel price forecast of USD 17,220/ton (YTD: USD 17,201/ton). Stock-wise, we maintain NCKL as our top pick with TP of IDR 1,200 (FY24 P/E: 8.4x)  due to anticipated earnings growth from capacity expansion and industry-lowest cash cost.

Share This:

Download PDF

Download PDF

UPDATE_Nickel_Weekly_20240826

Download PDF

UPDATE_Nickel_Weekly_20240826

More Related

Technical Stock Analysis

Apr 30, 2025

Morning Briefs

Apr 30, 2025

Economic Reports

Apr 29, 2025

tren harga CPO

Company Reports

Apr 29, 2025

Technical Stock Analysis

Apr 29, 2025

Economic Reports

Apr 29, 2025

Technical Stock Analysis

Apr 28, 2025

Morning Briefs

Apr 28, 2025

Technical Stock Analysis

Apr 25, 2025

Morning Briefs

Apr 25, 2025

Economic Reports

Apr 24, 2025

pertumbuhan bbca

Company Reports

Apr 24, 2025

Technical Stock Analysis

Apr 24, 2025

Morning Briefs

Apr 24, 2025

Economic Reports

Apr 23, 2025

Economic Reports

Apr 23, 2025

Technical Stock Analysis

Apr 23, 2025

Morning Briefs

Apr 23, 2025

Technical Stock Analysis

Apr 22, 2025

Economic Reports

Apr 22, 2025

Economic Reports

Apr 21, 2025

Technical Stock Analysis

Apr 21, 2025

Morning Briefs

Apr 21, 2025

Technical Stock Analysis

Apr 17, 2025

Morning Briefs

Apr 17, 2025

Economic Reports

Apr 16, 2025

Technical Stock Analysis

Apr 16, 2025

Morning Briefs

Apr 16, 2025

Economic Reports

Apr 15, 2025

Technical Stock Analysis

Apr 15, 2025

Economic Reports

Apr 14, 2025

Economic Reports

Apr 14, 2025

Technical Stock Analysis

Apr 14, 2025

Morning Briefs

Apr 14, 2025

Technical Stock Analysis

Apr 11, 2025

Morning Briefs

Apr 11, 2025

Economic Reports

Apr 10, 2025

Morning Briefs

Apr 10, 2025

Economic Reports

Apr 9, 2025

Technical Stock Analysis

Apr 9, 2025

Morning Briefs

Apr 9, 2025

Economic Reports

Apr 8, 2025

Economic Reports

Apr 8, 2025

Morning Briefs

Apr 8, 2025

Technical Stock Analysis

Apr 8, 2025

Morning Briefs

Mar 27, 2025

Technical Stock Analysis

Mar 26, 2025

Morning Briefs

Mar 26, 2025

Economic Reports

Mar 26, 2025

Technical Stock Analysis

Mar 25, 2025

Economic Reports

Mar 24, 2025

Morning Briefs

Mar 24, 2025

Technical Stock Analysis

Mar 24, 2025

Technical Stock Analysis

Mar 21, 2025

Morning Briefs

Mar 21, 2025

Economic Reports

Mar 20, 2025

Technical Stock Analysis

Mar 20, 2025

Morning Briefs

Mar 20, 2025

Economic Reports

Mar 19, 2025

Economic Reports

Mar 19, 2025

Technical Stock Analysis

Mar 19, 2025

Morning Briefs

Mar 19, 2025

Economic Reports

Mar 18, 2025

Technical Stock Analysis

Mar 18, 2025

Economic Reports

Mar 17, 2025

Economic Reports

Mar 17, 2025

Morning Briefs

Mar 17, 2025

Technical Stock Analysis

Mar 17, 2025

Technical Stock Analysis

Mar 14, 2025

Morning Briefs

Mar 14, 2025

Economic Reports

Mar 13, 2025

Technical Stock Analysis

Mar 13, 2025

Morning Briefs

Mar 13, 2025

Economic Reports

Mar 12, 2025

Technical Stock Analysis

Mar 12, 2025

Morning Briefs

Mar 12, 2025

Economic Reports

Mar 11, 2025

Technical Stock Analysis

Mar 11, 2025

Economic Reports

Mar 10, 2025

Morning Briefs

Mar 10, 2025

Technical Stock Analysis

Mar 10, 2025