Nickel prices averaged USD 16,168 per metric ton in September, down 0.8% from August. On 30 September, the commodity traded at USD 17,266 per metric ton, up 4.4% from 30 August.
In September, prices averaged marginally below August levels amid abundant supply but trended upwards throughout the month. Prices rose in mid-September when Russian President Vladimir Putin hinted at nickel export curbs. The rally was then sustained by bullish demand-side developments: The ECB cut rates further, the Fed kicked off its monetary policy easing cycle, and China deployed multiple stimulus policies.
This chart displays Nickel (US$/mt) from 2022 to 2024.
Nickel LME (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Nickel LME | 26,033 | 22,333 | 20,396 | 17,257 | 16,600 | 18,448 | 16,271 | - |