Monday, November 06, 2017 4:54:24 PM
Reuters Reuters
Sunday November 05, 2017 11:25 PM
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(Adds comment, details, updates prices)
By Melanie Burton
MELBOURNE, Nov 6 (Reuters) - London nickel and copper extended gains on Monday, supported by upbeat sentiment over potential demand from electric vehicles in the wake of last week's cheery London industry week.
Goldman Sachs upgraded its nickel forecasts, but said prices were more likely to find nearby support from China's pollution crackdown given EV demand is set as a story for 2020 on.
"We expect nickel prices to remain high over the next couple of months, on a supportive macroeconomic backdrop and market tightening driven by Chinese nickel pig iron (NPI) cuts in Shandong province during the winter heating season," it said a report. NPI is a low-grade composite of nickel.
"Even though the EV wave poses significant upside risk to nickel demand, we think much of the growth is likely to take place after 2020 and the current stock level will be sufficient to cover the demand before then."
Goldman upgraded its 3-month nickel view to $12,500 from $9,000, its 6-month view to $12,000 from $9,000 and its 12-month view to $11,000 from $9,000.
https://www.ft.com/content/06888086-bef9-11e7-9836-b25f8adaa111
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