Industry News

LME nickel price climbed for 7 consecutive days, reaching 11-year high

Views : 185
Update time : 2022-02-23 21:43:47
The nickel price on the London Metal Exchange (LME) has risen for seven consecutive trading days. The price closed at US$24,558/ton, and the highest intraday hit US$25,135/ton. The spot price also soared by US$332/ton, reaching US$25,203/ton. The current LME nickel price is standing at a new high since August 2, 2011.

The monthly average nickel price this month reached US$23,784/ton, higher than the US$22,355/ton in the previous month.

Meanwhile, LME’s market inventory of nickel dropped by 960 tons yesterday, coming to 82,314 tons, the new low since 2019.

According to market participants, though the US didn’t impose sanctions against Russia as expected, the market concerns on supply disruptions still exist.

The inventory of nickel has continued dropping while the demand for new energy vehicles has grown, which caused nickel prices to soar. The future market of nickel is still subject to the development of the situation between Russia and Ukraine.
Related News
Read More >>
Enhancing the durability of aluminium profiles with Alborz Pasargad’s nanostructured coatings Enhancing the durability of aluminium profiles with Alborz Pasargad’s nanostructured coatings
May .29.2025
Enhancing the durability of aluminium profiles with Alborz Pasargad’s nanostructured coatings
NASA’s supersonic aircraft clears ‘aluminium bird’ testing, setting up the runway for its first flight NASA’s supersonic aircraft clears ‘aluminium bird’ testing, setting up the runway for its first flight
May .29.2025
NASA’s supersonic aircraft clears ‘aluminium bird’ testing, setting up the runway for its first flight
GAC’s 2Mt bauxite pile-up in Guinea: What built it, what’s blocking it, and what could break the deadlock GAC’s 2Mt bauxite pile-up in Guinea: What built it, what’s blocking it, and what could break the deadlock
May .29.2025
GAC’s 2Mt bauxite pile-up in Guinea: What built it, what’s blocking it, and what could break the deadlock
Russia’s largest aluminium foil mill eyes 12% output growth following investment from RUSAL Russia’s largest aluminium foil mill eyes 12% output growth following investment from RUSAL
May .29.2025
Russia’s largest aluminium foil mill eyes 12% output growth following investment from RUSAL