The Macquarie Bank has forecasted first-quarter and second-quarter 2014 nickel prices of $15,000 per tonne and a full-year price of $15,500 per tonne.
Nickel was priced at US$6.3201 per pound Thursday.
Metal Bulletin reported an export ban of raw materials in Indonesia could stir demand for nickel in other markets.
“It is still a bit of an unknown for now, but there are still a lot of shorts and if the ban definitely happens there will be a big rally. I am still not sure but my gut feeling is that there will be a rally,” a physical trader told Metal Bulletin.