From * 17 Nov 2019...

From * 17 Nov 2019 https://unauthorised investment advice/resources/sp-is-bullish-about-nickel-prices-on-supply-concerns-and-these-stocks-are-in-the-game/
S&P is bullish about nickel prices on supply concerns.
Base metal prices are forecast to remain flat for the rest of 2019 as the sluggish macro environment is offset by renewed sentiment on the prospect of a resolution to the ongoing trade dispute between China and the US.This is due to the slowing demand outlook for industrial commodities in China as the economy of the world’s most populated country moved towards a more sustainable 5 per cent GDP growth rate.Despite this, S&P Global believes that nickel will be one of the best performing commodities going forward.“LME three-month nickel hit a five-year high of $US18,850 ($27,750) per tonne after Indonesia confirmed the early ore export ban, but the prices have since fallen sharply mostly on large scale selling,” head of metals and mining research Matthew Piggot said.“Prices have been exceptionally volatile this year, recently supported by a substantial reduction in LME stocks, which reached their lowest level since 2012 in October.”Piggot said Indonesia’s ore ban should remove significant tonnage of raw material from China’s nickel pig iron industry, resulting in the potential need for higher purchases of LME refined metals to fulfil the needs of the stainless steel industry.He added that various factors would potentially limit the ability of the Philippines to act as the swing producer and fill that demand gap.“We therefore expect elevated prices in 2020 to remain in play due to the considerable primary deficit,” Piggot said.“And while prices have come off significantly in recent days on the resumption of ore exports temporarily before the ban comes in again, we expect nickel to average $US16,500($AUD24,274) per tonne in 2020.”

Still happy to hold. Should only get better from here. That's obviously what Mr Forrest thinks.