The Senior Advisor of the Ministry of Economic Affairs of Indonesia, the largest nickel producing country in the world, Bambang Adi Winarso, confirmed that the ban will continue to remain if the nickel metal has been considerably hiked after the ban. The Chief Market Strategist of Long Leaf Trading Group, which is located in Chicago, Tim Evans, stated that, the strength of US data, as well as the ban on nickel export by the Indonesian government will hike the price of nickel further, demand for the metal is also noted to be rising.
According to the forecast of Citi Group, which was broadcasted yesterday, the deficit of nickel this year would be 62,400 tonnes, at the same time the deficit in the year next would be much more at103,000 tonnes. The bank further asserted that, the nickel inventories in China, all are dried up, with the supply from the Philippines has also declined. The optimism on the price of nickel is still high.