Glencore Sees Nickel Price Rising on Global Supply Shortage
- ‘We believe we’ve seen the bottom,’ Kenny Ives says in Jakarta
- World deficit seen reaching around 100,000 tons this year
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Glencore Plc, the commodities trader and miner, expects nickel prices to climb through 2018 as demand outstrips supply, assuming Indonesia continues its policy of curbing ore exports and encouraging local processing.
“We believe we’ve seen the bottom, both in terms of the actual spot prices experienced earlier this year and also in terms of the annual average we will see in 2016,” said Kenny Ives, the company’s head of nickel. “We expect spot prices to be higher and we also expect the average to be higher,” he said in an interview in Jakarta on Tuesday.