Nickel futures rose to a 2-month high above the $17,000 per tonne level, as prospects for rebounding growth as the global vaccine rollout gathers pace underpinned a rally in the metals market. Meantime, the commodity growing usage in lithium-ion batteries and the accelerated roll-out of electric vehicles remains a positive backdrop for markets. In early March, nickel prices slumped to a 3-month low and stuck in a tight range until the end of April, after concerns about supply shortages eased following China’s Tsingshan announcement to produce a large amount of nickel matte in Indonesia.
Historically, Nickel reached an all time high of 54050 in May of 2007. Nickel - data, forecasts, historical chart - was last updated on April of 2021.
Nickel is expected to trade at 16645.70 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 14547.80 in 12 months time.