Top Chinese Nickel Producer Says Bull Market Just Beginning
- Supply cuts in Philippines, rising demand to drive prices
- Smelter predicts shortages every year through end of decade
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Nickel’s rally is only just getting started, making the metal an attractive bet for investors, according to Jinchuan Group, China’s biggest producer of the refined metal.
Tightening global supplies because of a mining clampdown in the Philippines and rising demand from the stainless steel industry in China will push prices higher even after they climbed 35 percent from February lows, Chairman Yang Zhiqiang wrote in a statement on the company’s website. China consumes about half of the world’s supply and the Philippines produces a fifth of it.
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Top Chinese Nickel Producer Says Bull Market Just Beginning