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Nickel trading on the London Metal Exchange (LME) surged 5.6% over the past two days, reaching US$24,800 per ton. On Friday, September 16, 2022, the nickel price was still at US$23,410 per ton. However, on Monday, September 19, 2022, the price for three-month nickel contracts traded at US$24,800 per ton.
This price represents a US$1,390 increase 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 rise in global nickel prices.
Nickel is a key component in stainless steel production and a crucial material in electric vehicle batteries. Meanwhile, Indonesia's benchmark nickel price currently 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 by Monday, September 19, 2022, it had increased by 18.59% 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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