Nickel Price OutlookAfter reaching the highest level in over two years on 1 November, nickel prices retreated; all gains made up to November had been erased by month’s end. On 1 December, nickel was trading at USD 11,230 per metric ton, which was 12.0% lower than on the same day in November. However, the price was up 12.7% on a year-to-date basis and was 0.7% higher than on the same day of last year. A mismatch in supply and demand erased price gains in November. Increasing supply from Indonesia, following the country’s gradual lifting of a ban on raw material exports, and weaker demand from China, after a period of restocking, dragged prices downwards. Analysts raised concerns following weaker-than expected economic data for October in China; market analysts expect the country’s structural supply-side reforms to deepen. The ongoing measures being taken to solve the pollution issue in China are likely to continue impacting prices through weaker demand from China. Furthermore, a cooling housing market will likely exercise downward pressure on nickel demand and prices; nickel is used for steel. On the other hand, data shows that the supply deficit narrowed in Q3, on the back of a slowdown in demand. This could translate into a smaller supply-demand mismatch going forward.
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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