Nickel futures were trading around the $25,000-per-tonne level, moving back to where the LME market closed on March 4, the last trading day after unprecedented low trading volumes triggered a liquidity crisis for one of the most crucial industrial commodities. In early March, prices briefly topped the $100,000 mark amid a vicious short squeeze as China's Tsingshan Holding Group, one of the world's top producers, bought large amounts to hedge its short bets on the metal. Now, the market moves signaled a return to normal after several weeks of chaos, with trading volumes at average levels and investors' focus turning to concerns that slowing global growth will hit metals demand, particularly in top consumer China.
Historically, Nickel reached an all time high of 54050 in May of 2007. Nickel - data, forecasts, historical chart - was last updated on June of 2022.
Nickel is expected to trade at 23609.40 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 27795.09 in 12 months time.