Nickel prices soar to $24,000 per ton

The world prices for nickel rose consistently last week. Nickel futures on the LME rose over $200 last Friday (January 21) to an 11-year high of $24,000/t. At the same time, market stocks monitored by the LME fell to 93,480 tonnes.

Nickel prices rose five consecutive weeks as market inventories continued to decline and market demand in China increased.

Nickel futures on the LME fell only on the first day of trading. LME futures rose $233 to close at $24,028 a tonne on May 21st. At the same time, spot prices rose $244 to close at $24,320/t.

Nickel prices as a whole rose 8.3% last week, rising by $1,834, reaching five straight weeks of price growth.