The market intelligence firm says global nickel ore production growth will continue to accelerate in 2018 as major producer countries see a recovery in production levels following subdued output in 2017.
BMI Research Mining News
"Our optimistic outlook for the rand will shift our existing positive view on South African gold miners over the coming years," says the market research firm.
The bulk of new capacity would come online in 2019.
Increased supply from Indonesia and subdued demand from China are the main drivers behind the downward trend.
BMI Research raised the 2018 aluminium price forecast to $2,000/tonne, from a previous forecast of $1,900/tonne.