Nickel Price OutlookNickel prices touched five-month lows in early June as trade squabbles between the world’s two largest economies and persistent concerns over the base metal’s narrowing supply deficit continued to throw off investors. On 7 June, nickel traded at USD 11,542 per metric ton, which was down 3.8% from the same day in May. The price was down 25.3% from the same day a year ago but was 8.8% higher on a year-to-date basis. China dominated the demand narrative in recent weeks. Despite its top-performer status among base metals this year, nickel continued faring poorly in recent weeks as uncertainty over a U.S.-China trade deal reached a fever pitch. Particularly, failed negotiations and investors’ concerns over additional tariffs led the retreat. Moreover, Chinese growth continued weighing on investors’ minds despite an unexpectedly-strong first quarter. Hoping to boost electric-vehicle (EV) sales, Chinese officials unveiled new stimulus measures in early June in a bid to cushion an economic slowdown; prices jumped briefly as a consequence, as nickel is a key component of EV batteries. Supply dynamics, meanwhile, also chipped away at prices as nickel’s deficit hovered at a seven-year low.
Nickel Price History Data (USD per metric ton, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Nickel Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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