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With so many factors at play around the world, the price of nickel is heading back up after looking to drop below the US $5 a pound mark just a few weeks ago.
The COVID-19 pandemic, of course, has shuttered economies and cut into global demand for nickel. At the same time, Indonesia has banned the export of nickel ore, which will tighten supplies and affect large nickel purchaser China.
On Friday, nickel closed at $5.50 a pound, close to the average world price of nickel in March, which was $5.40 a pound. About three months ago, however, nickel was selling for almost $6.50 a pound.
Meanwhile, the global nickel market surplus narrowed to 13,400 tonnes in February from a revised surplus of 13,900 tonnes in the previous month, London Metal Exchange data showed on Friday.
And London Metal Exchange on-warrant nickel inventories – those not earmarked for delivery – rose to 176,556 tonnes, the highest since September 2018 and up about 40 per cent so far this year, other data showed on Friday.
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