Nickel Prices

Nickel prices averaged USD 16,651 per metric ton in July, down 5.3% from June. On 31 July, the commodity traded at USD 17,064 per metric ton, up 6.1% from 30 June.

In July, average nickel prices fell for the second successive month. Manufacturing conditions in China declined to a four-month low during the month, and the construction purchasing managers index fell, hinting at headwinds to demand. Moreover, inventories hovered around multi-year highs in July, further pressuring prices.