Sector snapshot: Go with the flow

Sector snapshot
Analyst: Alditya Galih Ramadhan

Go with the flow
• Nickel: It is survival of the fittest, and ore remains our top pick
• Precious over base metals as risks loom but watch China’s moves
• Result preview for 2Q25: NCKL still leads, may be re-ranked in 2H25
• Volume still fuels nickel’s earnings; other sectors ride price gains