UNITED KINGDOM November 20 2013 3:27 PM
NEW YORK (Scrap Register): Nickel prices to average $14,500 per ton in thr fourth quarter of this year, said Barclays Capital in a research note.
Three-month futures for the metal used to make stainless steel climbed 0.5 percent to $13,655 a ton on the LME at 6:13 p.m. in Singapore, paring this year’s loss to 20 percent.
However, Citigroup boosted its 2014 nickel forecast to $17,000 from $16,375, driven by our core view that the Indonesian export ban is essentially being mispriced.
The country will export 60 million tons of nickel ore in 2013 from 45 million tons last year as probable record shipments head to China this month, Kenny Ives, head of the nickel department at Glencore Xstrata Plc, told the conference. Inventories in China alone total 30 million tons, Citi added.