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Nickel trading on the London Metal Exchange (LME) surged 6.41% in the last two days, exceeding US$22,710 per ton. On Wednesday, September 28, 2022, the nickel price was still at US$21,255 per ton. However, transactions on Thursday, September 29, 2022, saw the three-month nickel contract traded at US$22,710 per ton.
This price represents a US$1,455 difference compared to the previous day's closing price. 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 rise in global nickel prices.
Nickel is a key component in stainless steel production and a crucial material in electric vehicle batteries. Currently, Indonesia's benchmark nickel price stands at US$22,059 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 Thursday, September 29, 2022, it has increased by 11.1% 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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