Why are Nickel Prices so high?
06-02-2026 - Over the past month, the price of nickel has decreased from $18,348.65/t to $16,859.22/t, indicating a downward trend in the market. This decline may be due to changes in supply-demand dynamics or broader economic factors impacting raw material prices. The forecast predicts a further decrease to $16,248.01/t, a 3.6% drop from the current price, suggesting continued downward pressure and potential market volatility.
The forecast also highlights a significant price impact of -$498.55/t, influenced by data on Seaborne Imports & Exports and Exchange Rates. However, Demand and Supply data present mixed signals, with some upward pressure on prices. Recent analyses support the forecasted decline, with nickel prices expected to fall to $16,248.01/t in the coming month. According to Trading Economics, nickel futures dropped to around $14,255/t in December 2025, marking an eight-month low. This decline is attributed to an abundant supply and reduced industrial activity in China.
Additionally, Russian producer Nornickel has increased its surplus forecasts to 240,000 tonnes for 2025 and 275,000 tonnes for 2026, while LME stocks have surpassed 250,000 tonnes, highlighting ongoing oversupply pressures. These factors contribute to the current market dynamics, indicating potential challenges ahead for nickel prices.
The forecast also highlights a significant price impact of -$498.55/t, influenced by data on Seaborne Imports & Exports and Exchange Rates. However, Demand and Supply data present mixed signals, with some upward pressure on prices. Recent analyses support the forecasted decline, with nickel prices expected to fall to $16,248.01/t in the coming month. According to Trading Economics, nickel futures dropped to around $14,255/t in December 2025, marking an eight-month low. This decline is attributed to an abundant supply and reduced industrial activity in China.
Additionally, Russian producer Nornickel has increased its surplus forecasts to 240,000 tonnes for 2025 and 275,000 tonnes for 2026, while LME stocks have surpassed 250,000 tonnes, highlighting ongoing oversupply pressures. These factors contribute to the current market dynamics, indicating potential challenges ahead for nickel prices.
What is the current / spot price of Nickel?
Nickel Price Today
February 6, 2026
Current Price
16859.22
$/t
What is the forecast for the price of Nickel?
Nickel Price Forecast
February 9, 2026
1 Month Forecast
16248.01
$/t
1 Year Forecast
22833.75
$/t
What are the short-term drivers of Nickel prices?
Over the 1 Month horizon the outlook is bearish due to drivers such as: - EWMA-based technical analysis - Long term price trends - Nickel Ore exports from Indonesia - Minerals exports from Australia Br(None) The top contrary drivers for the 1 Month horizon are: - Seasonality trends for the prediction week of year
What are the long-term drivers of Nickel prices?
Over the 1 Year horizon the outlook is bullish due to drivers such as: - Minerals exports from Australia - Nickel Ore exports from Australia - Movements in the US Dollar Index - Movements in the Chinese Yuan - The shape of the futures curve Br(None)
Will the price of Nickel go up?
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1 Week
1 Month
3 Month
6 Month
1 Year
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The Latest Nickel News
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