Nickel prices averaged USD 16,766 per metric ton in October, up 3.7% from September. On 31 October, the commodity traded at USD 15,453 per metric ton, down 10.5% from 30 September.
Following September’s late spike due to the announcement of stimulus policies in China, nickel prices resumed their downtrend in October, closing the month at their lowest level since November 2020. This trend was driven by an ample market surplus caused by rising Indonesian output, with China and the Philippines also contributing to the increasing abundance of the metal.
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 | - |