Nickel Price OutlookNickel prices traded higher in April, hitting an over three-year high on growing fears of a Russian supply shock in the aftermath of stricter U.S. sanctions against one of the world’s largest producers, before retreating in May. On 11 May, nickel traded at USD 13,820 per metric ton, which was stable compared to the same day a month earlier. Overall, nickel prices have been riding high thanks to a resilient global economy. The price was up 8.8% on a year-to-date basis and was up 48.7% from the same day last year. Driving prices higher in mid-April were supply concerns out of Russia following the announcement of U.S. sanctions against Russian aluminum producer Rusal. Although Rusal does not produce nickel, markets immediately feared the extension of sanctions to some of Russia’s largest nickel producers, namely Norilsk Nickel. Exacerbating these fears—and sending prices on their biggest one-day move in a decade—was the same-day delisting of two Norilsk-branded nickels from the London Metal Exchange on 18 April, although the exchange later explained that the moves were unrelated to sanctions. While buoyant global growth has also been propelling a nascent upswing in demand, a buildup of inventories, as well as the announced delay in the implementation of U.S. sanctions against Russia, allowed prices to settle in the weeks since.
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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