Nickel at 5-Week Low [05 September 2024]

Nickel futures dropped to $15,960, hitting a 5-week low amid ample supply. Indonesia, now producing over half of the world’s nickel, has significantly ramped up output in recent years, driving prices down and forcing closures of producers elsewhere.

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Moreover, an additional 928,000 tons of capacity is expected to come online in the next three years, primarily for electric vehicle (EV) batteries. The Indonesian government anticipates nickel prices will stabilize near current levels as new plants balance rising demand with strong supply.