Nickel futures traded just above $20,000 a tonne at the beginning of December, slipping from a near-decade high of $21,036 hit on November 24th, as traders worry about the impact of the Omicron coronavirus variant on demand. Still, the price of nickel is more than 25% higher this year amid tight supplies and firm demand. Low inventories levels pointed to tight supply, while China’s effort to support the economy bolstered the outlook for demand. Nickel inventories in LME warehouses fell to 62,304 tonnes from more than 200,000 in April.
Historically, Nickel reached an all time high of 54050 in May of 2007. Nickel - data, forecasts, historical chart - was last updated on December of 2021.
Nickel is expected to trade at 19696.98 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 18341.49 in 12 months time.