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Goldman Sachs raised its 12-month nickel target price from $15,000 per ton to $16,000, a rise of about 10% from current levels. Also due to tight supply factors, Goldman Sachs also included zinc and palladium on the investable list, and believed that iron ore and copper faced the greatest downside risks.
Goldman Sachs analysts expect that the overall nickel market will be balanced in 2014. There will be a small gap in supply in 2015, and the marginal cost of nickel supply will rise sharply. By then, the Indonesian export ban may be relaxed to some extent. The report said that if the country did not loosen the ban, nickel prices would "far exceed" the current estimated price.
Nickel prices have risen 4.8% this year and are among the top metals. Indonesia has restricted nickel ore exports since January 12, causing many institutions to see more nickel prices. In addition to Goldman Sachs, Barclays and Macquarie also expect that the international nickel market may have a supply gap next year, which is expected to further push up the price of nickel. Citibank is more optimistic about nickel prices and expects nickel prices to rise to $17,000 per tonne this quarter.
Abstract Goldman Sachs Group recently released the latest report that nickel, one of the best performing industrial metals so far this year, will continue its upward trend as Indonesia's raw ore export ban will curb supply. Goldman Sachs raised its 12-month nickel target price from $15,000 per ton to $16,000,...
Goldman Sachs Group recently released the latest report that nickel, one of the best performing industrial metals so far this year, will continue its gains as Indonesia's raw ore export ban will curb supply.