Nickel prices averaged USD 14,671 per metric ton in November, down 2.8% from October. On 28 November, the commodity traded at USD 14,632 per metric ton, down 2.6% from 31 October.
Nickel prices fell for the second consecutive month in November and posted the worst performance among base metals. Booming Indonesian production due to massive Chinese investments over the past decade has led to oversupply in the market. Moreover, muted EV demand in November weighed on prices, as nickel is widely used in lithium-ion car batteries.
This chart displays Nickel (US$/mt) from 2023 to 2025.
Nickel LME (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nickel LME | - | - | - | 17,257 | 16,600 | 18,448 | 16,271 | 15,993 | 15,568 | 15,169 | 15,030 | - |