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Nickel trading on the London Metal Exchange (LME) fell 0.25% over the past two days, reaching US$21,855 per ton. On Monday, August 22, 2022, the nickel price was still at US$21,910 per ton. However, transactions on Tuesday, August 23, 2022, saw the three-month nickel contract traded at US$21,855 per ton.
This price represents a US$55 difference compared to the previous day's closing price. The nickel price decline is attributed to supply concerns and anxieties surrounding Russian supply. Russia supplies approximately 10% of the world's nickel needs. Furthermore, the Russian invasion of Ukraine has triggered a decline in global nickel prices.
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$22,504 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, August 23, 2022, it has increased by 7.62% 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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