Shares of Australian miner BHP jump 3% after news about a nickel deal with Tesla
However, Peter O'Connor, metals and mining analyst at Shaw and Partners, was less bullish on the overall nickel sector, in terms of space for new players to increase their market share.
He said the nickel market is still very small, with long-term sales turnover of around $40 billion. Moreover, besides BHP, there are other key large players already crowding the market, such as Brazil's Vale and Russia's Norilsk Nickel, he told CNBC on Thursday.Senior resource analyst Gavin Wendt from MineLife told CNBC earlier this week he has a 12-month price target of 60 Australian dollars on BHP, which is currently at 51.40 Australian dollars.
"BHP's share price performance has been extremely strong and it is outperforming its fellow resource heavyweight,"In fact, BHP has over the past 12 months outpaced the by around 14% – and it's trading not far off its all-time record high of $51.82 achieved in May, with its price up by around 36%," he told CNBC on email.
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