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Nickel trading on the London Metal Exchange (LME) rose 0.52% over the past two days, reaching US$22,215 per ton. On Thursday, August 4, 2022, the nickel price was still at US$22,100 per ton. However, on Friday, August 5, 2022, the nickel price for the 3-month contract was traded at US$22,215 per ton.
This price represents a US$115 increase compared to the previous day's closing price. The price increase is due to concerns over supply and dwindling inventories, particularly regarding 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, the Indonesian benchmark nickel price 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 Friday, August 5, 2022, it has surged 9.12% 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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