Nickel Weekly Chart; Nickel Tags Multi-Year Highs

Nickel is at multi-year highs not seen since 2014. Nickel stockpiles have been dropping for many months so lower supply sends prices higher. Adding fuel to the lack of supply fire, Indonesia, a major nickel producer, says it will ban ore exports starting later this year. There are already supply issues in the Philippines, Papua New Guinea and South Africa. 

Nickel is a key additive for stainless steel which has special applications due to its non-rusting ability. Nickel is also a key additive for steels for cryogenic applications so perhaps industries such as industrial gases and LNG, which is stored in super-cold conditions, are active businesses. Investors are also chasing into nickel helping create a frenzy and further price spike. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note: Nickel chart is provided by Kitco and annotated by Keystone.