16 March 2022 – Nickel prices remain very high. But was there really a price drop this morning before the LME stopped trading nickel again? Are there any reliable prices at all at the moment? Let’s take a quick look.
Nickel – Prices down? Prices up? Prices high!
The LME has repeatedly stated in its announcements that the closing price on 7 March 2022 should be the starting point for the resumption of nickel trading on 16 March 2022.
Nickel closing price on 7 March 2022
This was $42,200 per tonne for the LMEselect 3-month on 7 March, according to the LME website. With the “official” opening price on 16 March of $45,590 per tonne, it would thus be even 8.03% higher than on 7 March. In our figures, nickel exited trading at $43,995 per tonne – which would represent a gain of about 4.25%.
Nickel opened at $45,590 per tonne
Looking now at the LME nickel 3-month data, nickel made what is now actually an illicit jump of more than 13.8% on March 8 and held its value of about $48,000 per tonne until March 15. Then today, March 16, as written, it opened at $45,590 per tonne – a decline from March 15 of about 5.1%. This can now be seen as a lower price in nickel. This compares with a gain of about 4.25% if we take the $42,200 per tonne of 7 March as a basis.
Conclusion: Nickel prices remain very high
Conclusion: Due to the current situation, the LME itself does not know where and how it should, must or can apply the calculation. In any case, one thing is certain: since 28 February 2022, nickel has increased in price by more than 84%. So there can hardly be any talk of a real price decline at the moment.
Tip: There are various websites that display the nickel price. It is particularly important to pay close attention to the date and time of the displayed value. It will also take a few more days before valid prices for nickel are really available again.
Latest News
- Update: LME has suspended nickel trading again
- LME nickel trading to start on 16 March 2022
- EU sanctions against Russian steel exports
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
