ASX Nickel stocks have taken a massive beating, but there may be hope in 2024!

Marc Kennis Marc Kennis, March 1, 2024

ASX Nickel Stocks: There may be some hope just yet!


Key take aways:

  • The potential for a revival in nickel prices despite reports of global mine shutdowns and increased production from Indonesia.

  • The importance of clean nickel and the investment opportunities it might open for companies like BHP.

  • Companies further down the chain with promising new projects, such as Centaurus Metals (ASX:CTM) and Blackstone Minerals (ASX:BSX), and positively received financial results from retail and travel-related stocks, indicating an improving market outlook.


Stuart Roberts from Stocks Down Under challenges the current pessimistic view of ASX nickel stocks and suggests the market might be overreacting to reports of mine shutdowns and increased production from Indonesia. Stuart highlights that the rapid closure of nickel mines across the globe, including those operated by BHP and First Quantum, may result in a revival in prices contrary to popular belief. He is especially intrigued by the recent price increase from 16 to over 17,000, indicating potential value in nickel mining.

Further, Stuart provides some investment insight on ASX nickel stocks, asserting that investors should not easily accept the prevailing view of doom and gloom in the industry. Instead, he stresses the importance of recognizing the potential advantage of clean nickel over dirty nickel, a concept championed by Andrew Forrest. This preference for cleaner nickel might bring in new opportunities for nickel consumers and companies like BHP, despite their recent setbacks.


Nickel spot price (Source: Trading Economics)

Nickel price


Stuart also pinpoints some smaller ASX nickel stocks who could see substantial upside. Drawing attention to IGO’s (ASX:IGO) decision to involve itself in other commodities, he encourages investors to explore companies further down the chain with promising new projects. He highlights companies like Centaurus Metals and Blackstone as those with potential market capital value due to their project development in low-cost jurisdictions.


ASX Nickel Stocks


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