Macquarie Says China Slowdown Hammers Hopes of Nickel Surge
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The nickel market is going to let down any investors still betting on a shortage this year, according to analysts from Macquarie Group Ltd.
A rally in the metal to $15,000 a metric ton or more is “highly implausible” given weakening Chinese demand, persistent high stockpiles and investor focus on short-term demand risks, according to a note dated Aug. 14. Last month, the bank forecast the metal gaining to $15,000 by the year-end.