Nickel futures remain resilient above $17,700 despite broader commodity market weakness, thanks to persistent procurement from Asian stainless steel makers. The US$0.95 analyst price target for NIC is 13% less than our estimate of fair value While these developments highlight structural changes in the nickel trade, global markets remain under pressure from persistent oversupply and subdued demand, keeping prices capped despite efforts to support the sector. Current nickel futures pricing reflects broader metal sector strength, with copper rallying alongside nickel. Traders are watching for Chinese PMI data to gauge industrial momentum.
