Goldman Sachs(US:GS) Xin Lang Cai Jing·2026-02-04 05:06Core Viewpoint - Goldman Sachs and Macquarie have raised their nickel price forecasts for 2026 due to signals from Indonesia, the world's largest nickel producer, indicating a reduction in production limits, which is expected to tighten ore supply [1] Group 1: Price Forecasts - Goldman Sachs increased its 2026 nickel price forecast from $14,800 per ton to $17,200 per ton, predicting that prices could reach around $18,700 per ton by the second quarter of 2026 as ore supply tightens [1] - Macquarie raised its 2026 LME nickel average price forecast from $15,000 per ton to $17,750 per ton, noting that Indonesia's tightening supply policy has adjusted its global nickel market balance forecast from a surplus of 250,000 tons to a surplus of 90,000 tons [1] Group 2: Supply Adjustments - Indonesia's Minister of Energy and Mineral Resources committed to reducing production in mid-December last year, which has contributed to the rebound in nickel prices [1] - The annual mining permit volume in Indonesia is set to decrease from 379 million wet tons in 2025 to between 250 million and 260 million wet tons this year [1]