Nickel futures fell slightly to $19,500 per tonne in early August, amid signs of slowing demand from China. Fresh manufacturing PMIs pointed to a further slowdown in Chinese factory activity in July. Still, the metal remains close to $19,700 hit on July 29th, the highest since 2014 as supply remains tight and LME inventory has fallen from an April peak, mainly due to disruptions at nickel mines in New Caledonia, Russia and Canada. Meantime, electric-car maker Tesla struck a nickel-supply deal with BHP Group to avoid a future supply crunch.
Historically, Nickel reached an all time high of 54050 in May of 2007. Nickel - data, forecasts, historical chart - was last updated on August of 2021.
Nickel is expected to trade at 20381.66 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 23106.51 in 12 months time.