Nickel prices fell on Thursday due to weak demand and increasing production, leading to higher inventories in exchange warehouses.
As of 0441 GMT, three-month nickel on the London Metal Exchange dropped by 1.3% to $16,635 per metric ton, while the most-traded January nickel contract on the Shanghai Futures Exchange fell by 1.5% to 129,530 yuan ($18,125.46) per ton.
Year-to-date, LME nickel has declined by 44.6% and SHFE nickel has dropped by 35.8%, making it the least-performing metal across the nonferrous metals complex on the two bourses.
In recent years, Indonesia has invested heavily in downstream nickel production, while some Chinese producers have also increased their nickel cathode output, creating a surplus in the global nickel market.
Huatai Futures reported that “nickel supply continues to grow, but consumption has not improved. The surplus pattern continues, and nickel supply and demand are bearish.”
Nickel stockpiles in LME-approved warehouses reached their highest level since Jan. 10, with 53,724 tons, while inventories in warehouses tracked by SHFE also increased to their highest level since Jan. 29 with 13,358 tons.
The most recent deliveries into the LME system have been to South Korea, Taiwan, Singapore, and the Netherlands warehouses.
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