Nickel futures experienced an epic surge

Nickel futures surged to $17,690 per tonne, hitting a more than 3-month high as base metals rallied on the back of China’s most aggressive stimulus since the pandemic, boosting the demand outlook. China’s central bank announced plans to lower borrowing costs, inject more funds into the economy, and ease mortgage repayment burdens, including reducing medium-term loan costs for banks. Meanwhile, the U.S. Department of Labor raised concerns about forced labor in Indonesia’s nickel industry, marking the first time Indonesian nickel has been added to its exploitation list. In response, Indonesia committed to tightening supervision of its commodities sector.

Nickel is mainly used in the production of stainless steel and other alloys and can be found in food preparation equipment, mobile phones, medical equipment, transport, buildings, power generation. The biggest producers of nickel are Indonesia, the Philippines, Russia, New Caledonia, Australia, Canada, Brazil, China and Cuba. Nickel futures are available for trading in The London Metal Exchange (LME). The standard contact has a weight of 6 tonnes. The nickel prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our nickel prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.