Nickel Price Jumps 3.41% to US$ 22,750 per Ton

Nickel trading on the London Metal Exchange (LME) rose 3.41% in the last two days, reaching US$22,750 per ton. On Monday, July 4, 2022, the nickel price was still at US$21,975 per ton. However, transactions on Tuesday, July 5, 2022, saw the nickel price for the next 3-month contract traded at US$22,750 per ton.

This price represents a US$775 difference compared to the previous day's closing price. The nickel price increase is due to concerns over supply and dwindling reserves, particularly from Russia. Russia supplies approximately 10% of the world's nickel needs. Furthermore, the Russian invasion of Ukraine has fueled the rise in global nickel prices.

Nickel is a key component in stainless steel production and a crucial material in electric vehicle batteries. Currently, the Indonesian benchmark nickel price stands at US$30,048 per ton. Indonesia holds the world's largest nickel ore reserves.

The nickel price at the end of last year was US$20,190 per ton, but as of Tuesday, July 5, 2022, it has surged 11.25% year-to-date (YTD).