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Nickel trading on the London Metal Exchange (LME) surged 6.55% over the past two days, exceeding US$20,385 per ton. On Thursday, July 14, 2022, the nickel price was still at US$19,050 per ton. However, on Friday, July 15, 2022, the nickel price for the three-month future contract traded at US$20,385 per ton.
This price represents a US$1,335 difference compared to the previous day's close. The price increase is attributed to dwindling supplies and concerns about Russian supply. Russia supplies approximately 10% of the world's nickel needs. Furthermore, the Russian invasion of Ukraine has fueled the global nickel price increase.
Nickel is a key component in stainless steel production and a crucial material in electric vehicle batteries. Meanwhile, the Indonesian benchmark nickel price currently stands at US$27,414 per ton. Indonesia holds the world's largest nickel ore reserves.
The nickel price at the end of last year was still at US$20,190 per ton, but as of Friday, July 15, 2022, it has jumped 0.96% year-to-date (YTD).
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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