The International Nickel Trade

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There is a physical delivery mechanism for nickel on the LME at approved and regulated exchange warehouse facilities. The nickel price can be highly volatile. Due to small production and steady consumer demand, dramatic price movement can occur quickly.

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I recall trading nickel for a large commodity trading company in the late s. I bought nickel from the Norilsk mine for delivery in three months.

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In order to hedge the trade, I sold LME contracts for the same date I expected delivery from the supplier. Norilsk is located in Siberia, it so happened that the ports froze and Norilsk could not make delivery on the agreed upon date. Since the nickel was not available to deliver, I had to buy it back on the LME. It turned out that many other commodity traders did the same trade with Norilsk and were in the same frozen boat I was.

The price of nickel for the delivery date soared and the market moved into backwardation for that specific delivery date. This meant that nearby prices moved higher than deferred prices. The trade that I had originally thought would make money turned out to be a big loser as I was short on the LME with no nickel to deliver.

As I could not deliver the physical metal, I bought it at the inflated market price. Nickel prices returned to normal levels once the metal came in from Norilsk which was months later. This is just an example of how volatile nickel prices can be. Another example happened just recently. In January , the Indonesian government announced a mineral export ban.

Their intentions are to retain strategic mineral production for domestic use and ban exports by foreign mining entities.

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This action, by a producing country, caused the price of nickel to move significantly higher. Nickel is an important base metal with a highly volatile price. In the US, the five-cent piece or nickel contains nickel metal. The nickel price has been so volatile over the years that at times, a nickel is actually worth a lot more than five cents.

It is against US law to melt down nickels and pennies.

Nickel facts | Natural Resources Canada

Base metals like nickel are part of our daily lives no matter where, around the globe, we live. Nickel is a corrosion-resistant metal that is a key ingredient in stainless steel. The reason for weakness in nickel is the strength of the U. Nickel is a relatively small market with around 2 million tons produced each year. The small size of the market makes nickel a highly volatile commodity. Global economic weakness has resulted in destocking as demand has decreased for the production of stainless steel in The prospects for nickel, given the sharp move lower in , will likely improve in years ahead.

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Nickel Latest Price Trade Time. Nickel is a silvery white shiny metal used primarily for corrosion-resistant alloys and to produce grades of stainless steel.

A very volatile commodity with a multitude of uses

Nickel has excellent chemical properties and is also used in rechargeable batteries for this reason. The most important trading venue for nickel is the London Metal Exchange. Unit conversion for Nickel Price Today. Industrial Metals.

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    The International Nickel Trade The International Nickel Trade
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