Nickel fell to $18,350 per tonne, reaching mid-April levels, on the back of profit taking by investors. Moreover, an anticipated ECB key rate cut recently announced, along with indications from U.S. data that a Fed rate cut is still possible this year, led some investors to adjust or reduce their commodity positions. Meanwhile, concerns over supply disruptions caused by the riots in New Caledonia, a French overseas territory holding about 20-30% of the world’s nickel reserves, started to ease.
Nickel increased 1,800 USD/MT or 10.99% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Nickel reached an all time high of 54050.00 in May of 2007. Nickel - data, forecasts, historical chart - was last updated on June 9 of 2024.
Nickel increased 1,800 USD/MT or 10.99% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Nickel is expected to trade at 19168.63 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 17815.29 in 12 months time.