Nickel Price Jumps 6.55% to US$ 20,385 per Ton

Nickel trading on the London Metal Exchange (LME) surged 6.55% in the last 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, transactions on Friday, July 15, 2022, saw the nickel price for the next 3-month contract traded at US$20,385 per ton.

This price represents a US$1,335 difference compared to the previous day's closing price. The nickel price increase is due 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 triggered a global increase in 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$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).