Nickel prices averaged USD 15,727 per metric ton in November, down 6.2% from October. On 29 November, the commodity traded at USD 15,671 per metric ton, up 1.4% from 31 October.
After a short-lived rally in late September, prices trended broadly downward in recent weeks due to a hefty market surplus prompted by rising Indonesian output. In addition, Trump’s reelection weighed on the metal as a result of the appreciation of the dollar and renewed concerns regarding global trade conflicts. Moreover, the latest batch of Chinese stimulus policies was largely underwhelming for metal markets.
This chart displays Nickel (US$/mt) from 2022 to 2024.
Nickel LME (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Nickel LME | 26,033 | 22,333 | 20,396 | 17,257 | 16,600 | 18,448 | 16,271 | - |