Nickel Price OutlookNickel prices fell over the past month, largely reflecting weakening demand in China due to the coronavirus outbreak. On 14 February, nickel traded at USD 12,932 per metric ton, which was down 6.2% from the same day in the previous month. The price was up 6.7% from the same day a year ago but was 7.3% lower on a year-to-date basis. The outbreak and spread of the coronavirus weighed on nickel prices in recent weeks. The travel restrictions imposed to limit the transmission of the disease have undermined demand prospects in China—one of the world’s key nickel consumers—and also heightened seasonal and cyclical weakness in the stainless-steel sector, thus pushing prices downwards. Moreover, the spread of the virus has tarnished market sentiment, which has translated into increased inventories at warehouses registered with the London Metal Exchange. Over the course of January, stocks surged from a multi-year low of 60,174 tons in November to 208,722 tons, depressing prices further.
Nickel Price History Data (USD per metric ton, aop)
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Nickel Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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