Bisnis.com, JAKARTA – The stun car fever in various parts of the world has made global nickel demand go up. The impact is predictable: nickel stocks in the London Metal Exchange (LME) warehouse are also running low.
West Metal’s latest report this week noted that nickel inventories in the LME remained at 185,100 tons, a decrease of 28.84 percent compared to supplies in April 2021. This is the LME’s lowest inventory record since January 2020.
The scarcity then has an impact on the level of nickel prices which are maintained at high levels. Referring to LME data, until the close of trading Monday (13/9/2021), nickel prices for active contracts are still in the range of US$19,930 per ton.
Although it has fluctuated in the past week, the price tag is still 2.13 percent more expensive than the nickel price at the end of August, which was valued at US$19,513 per tonne. Meanwhile, when compared to the average price throughout August, which was around US$19,160.43 per tonne, the current price level is still in an upward trend of 4.01 percent.
In fact, the average price in August is actually quite high. When compared to the average nickel price in the LME in January 2021, which was equivalent to US$17,847.6 per tonne, the average level last month tends to strengthen by 7.35 percent.
The shortage of stocks in September had actually been predicted by experts. Including, by observers of domestic capital markets and commodities.