NIC is a company which focuses on nickel production and processing, with operations mainly in Indonesia. We haven’t discussed NIC at length in 2025 with it having fallen more than 9% while most other miners have soared higher. However, similar to copper, demand for nickel is expected to grow over the long run, mainly because EVs and batteries use it.
Short term increased production, especially from large expansions in Indonesia, has contributed to oversupply and pressure weighing on the metal, but we must remember that markets look ahead. This isn’t a crowded, closely followed momentum trade; more of a patient play looking for future tightening in the transition metal.
Copper made fresh all-time highs last week, while nickel is down ~5% year-to-date, illustrating the potential turnaround nature of this miner.
- We are targeting the $1.00 area for NIC in 2026, an attractive 30% upside.
MM is bullish towards NIC
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