Amid a brutal rout in base metals this year, one commodity is standing out from the crowd and has even further to run this year, analysts told CNBC.
Prices of nickel, a metal used in the production of stainless steel, have been soaring in recent months, up roughly 17 percent year to date and trading at $16,300 per metric ton on Thursday.
(Read more: Indonesia bans mineral ore exports)
Its peers however, including copper, iron ore, aluminum and zinc, have been tanking alongside. Copper, for example, has lost around 12 percent year to date, as worries over the use of copper in Chinese trade financing deals panicked investors.
"It's [nickel] been a little bit of a slow burner though obviously it's one of the only commodities that's up on the year," said Daniel Hynes, commodities strategist at Hynes Commodities. "The whole issue surrounding the Indonesian ban on raw materials is at the crux of this."
Indonesia - the world's largest miner of nickel - imposed an export ban on mineral ores in January, in an effort to boost profits at home as miners are forced to process their ore domestically before exporting it. The ban specifically targeted the nickel and bauxite industries and will affect more than $2 billion in annual shipments.
(Read more: Are Dr Copper's days numbered?)