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Nickel and aluminum still on the move

Nickel and aluminum prices halted gains, but upside potential remains in both cases. The market is taking a breather, but we don’t think the consolidation will last very long.

Nickel is currently trading at $18,395/t, up 7.3% over the past week. The metal is hovering at its highest mark since March. The next target will be $18,700.

Aluminum has been consolidating around $2,484/t after advancing 2.5% last week. The upside target after price stabilization is $2,533.

Metals are supported by the overall recovery in global economies after the pandemic-induced downturn. News from Russia about the authorities' plans to impose temporary taxes on such key metals as steel, nickel, aluminum and copper in an attempt to stabilize domestic prices have not had much of an impact on global sentiment. The key focus is now on the demand side as industrial production gets back on track.

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