Nickel Price OutlookNickel prices traded lower in recent weeks, dipping from May’s three-year high as concerns mounted over deteriorating global trade relations and longer-term demand from China. On 6 July, nickel traded at USD 13,851 per metric ton, which was 11.0% lower than on the same day a month earlier. Overall, a resilient global economy and heavy stainless steel output are keeping nickel prices high; the price on 6 July was up 9.0% on a year-to-date basis and was 53.3% higher than on the same day last year. Nickel has been one of the best-performing commodities of the year amid shrinking inventories and constrained supply. That said, June’s retreat came about as fears intensified over a possible U.S.-China trade war, which escalated in recent weeks as the first tariffs on Chinese-originating goods came into effect stateside. Anxieties over the health of the Chinese economy, and a slowdown’s likely effect on demand for the base metal, fueled further losses in the month. Moreover, weaker demand cues from alloy manufacturers worldwide prevented any substantial recovery as producers’ enthusiasm for the base metal moderated. Anticipated supply deficits over the coming years, as well as surging demand from electric vehicle (EV) battery manufacturers, cushioned prices somewhat.
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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