Goldman Sachs and Macquarie raise their average nickel price forecast for 2026 due to tightening supply from Indonesia.

Goldman Sachs and Macquarie raised their average nickel price forecast for 2026 on Tuesday, citing the tightening supply of ore in Indonesia after the country signaled a release of production restrictions. Goldman Sachs raised its 2026 nickel price forecast from $14,800 per ton to $17,200 per ton. They also indicated that with the tightening ore supply supporting the market, prices may reach around $18,700 per ton by the second quarter of 2026. Macquarie raised its 2026 LME nickel average price forecast from $15,000 per ton to $17,750 per ton. Macquarie pointed out that the net impact of Indonesia's tightening supply policy has led them to revise their global nickel market balance forecast from a previous surplus of 250,000 tons to a surplus of 90,000 tons.