NIC is a company which focuses on nickel production and processing, with operations mainly in Indonesia. The stock has more than doubled into its February high in less than 12-months, accelerating higher in 2026, following the underlying commodity which surged from ~$US15,000 up towards $US19,000 in the same timeframe.
- The initial catalyst for the nickel/NIC advance was the pick up in EBV sales and battery storage demand.
- Secondly in 2026, its sharp rally was driven by tighter Indonesian supply, with ore availability constraints and export controls easing oversupply concerns.
The industrial metal has drifted lower in 2026 but the Iran War had little impact unlike how it hit the likes of copper and silver. We believe the spike down toward 85 following the fatality at its Hengjaya mine is providing a buying opportunity.
- We are targeting the $1.15 area for NIC in 2026, an attractive +30% upside.
MM is bullish Nickel Industries (NIC) around 88c
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