In the Highlands Pacific Limited general meeting today, Managing Director John Gooding said nickel price may pick later during the year.
He attributed his reasons to; Indonesian nickel supply disruptions being control and made supply sustained.
The general market sentiment, though, is that there is oversupply of nickel in the world market.
In most overseas markets, nickel prices tend to pick up in an upward trend with China being the example.
Recent report by Reuters shows that Barclays Bank had downgraded its 2014 nickel price forecast to an average $14,000 per metric ton from its prior outlook of $18,000 per metric ton, citing persistent oversupply in the nickel market.
However, MetalMiners stated in their website that they have been following the market for months, and have seen no strong indication of nickel stocks coming down.
This may well justify Gooding’s call on nickel prices trending upwards later in the year.
Highland Pacific has major operations in Papua New Guinea.