Nickel futures plunged below $19,000, moving away from the 7-month highs of April 22nd and mirroring the weakness in other non-ferrous metals, since eased geopolitical tensions in the Middle East reduced its attractiveness as an inflation hedge. Additionally, the demand outlook remained subdued, with nickel inventories at LME warehouses exceeding 70,000 tonnes. However, talks of potential buying by the Chinese government and a lower supply outlook offered some respite. Several sources reported plans by China's National Food and Strategic Reserves Administration to purchase nickel pig iron, the key raw material for stainless steel. Meanwhile, Indonesia, the world's top producer, continued reviewing applications for mining quotas, and the US and UK previously banned deliveries of newly-produced Russian nickel to both the LME and CME.
Nickel increased 3,041.50 USD/MT or 18.57% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Nickel reached an all time high of 54050 in May of 2007. Nickel - data, forecasts, historical chart - was last updated on April 26 of 2024.
Nickel increased 3,041.50 USD/MT or 18.57% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Nickel is expected to trade at 17615.14 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 16367.75 in 12 months time.