Nickel futures surged past $20,000 a tonne, getting closer to an over 7-year high of $20,426 touched on September 10th and tracking a rally in other metals such as Aluminum and Zinc due to production curbs driven by power shortages in Asia and Europe. Also, inventories in ShFE warehouses hovered near a record low of 4,455 tonnes while stockpiles in LME warehouses declined to 149,412 tonnes, the lowest since December 2019. Meanwhile, Kosovo’s only ferro-nickel producer Newco Ferronikeli shut down production on Friday due to soaring energy prices.
Historically, Nickel reached an all time high of 54050 in May of 2007. Nickel - data, forecasts, historical chart - was last updated on October of 2021.
Nickel is expected to trade at 20519.49 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 21942.17 in 12 months time.