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BRENT CRUDE$82.45+1.2%WTI CRUDE$78.14+1.5%GOLD SPOT$2,342.10+0.4%SILVER$28.15-0.1%COPPER HG$4.52-0.2%URANIUM U3O8$92.00+2.8%LITHIUM CARB$13,400-4.1%WHEAT ZW$562.25+0.1%NATURAL GAS$2.85+3.2%ALUMINUM$2,340+0.6%NICKEL$17,200-1.8%COCOA$7,850+5.4%BRENT CRUDE$82.45+1.2%WTI CRUDE$78.14+1.5%GOLD SPOT$2,342.10+0.4%SILVER$28.15-0.1%COPPER HG$4.52-0.2%URANIUM U3O8$92.00+2.8%LITHIUM CARB$13,400-4.1%WHEAT ZW$562.25+0.1%NATURAL GAS$2.85+3.2%ALUMINUM$2,340+0.6%NICKEL$17,200-1.8%COCOA$7,850+5.4%
Intelligence Engine
Industrial Metals · NI · USD / t

Nickel

Nickel is the casualty of Indonesia's HPAL/RKEF expansion. Class-1 and Class-2 nickel markets have effectively merged via Indonesian processing, drowning the LME price. Cycle bottom hunting only — multi-year base required.

Spot
$17,200
Δ 24h
-1.8%
Realized Vol
28.5%
Cycle Phase
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Price Timeline · 10Y

Interactive History

Hover · Click events
20152016201720182019202020212022202320242025
Annotated Macro Events
2022LME Nickel SqueezeTsingshan short squeeze; LME suspends trading; prices spike to $100k.
2023Indonesian Supply WallRKEF expansion crushes prices.
2024Western Mine ClosuresBHP, First Quantum suspend operations.
Cycle Phase Breakdown

Where Nickel Sits in Its Supercycle

50%
30%

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50%

Current — Indonesia oversupply, Western capitulation.

Accumulation

30%

Forward — supply curve reset complete.

Early Bull

12%

Demand recognition.

Expansion

8%

Out-year.

Supply & Demand
  • Indonesian Production1.8 Mt
  • Battery Demand Share18%
  • LME Inventory162 kt
Cross-Asset Correlation
  • Stainless Steel
    0.72
  • EV Sales
    0.31
  • Copper
    0.48
Exposure Vehicles
  • JJN
    iPath Bloomberg Nickel ETN
  • BATT
    Amplify Lithium & Battery Tech ETF
View Full Tracker →
Related in Industrial Metals

Copper HG

-0.2%
$4.52
Accumulation

Aluminum

+0.6%
$2,340
Accumulation

Lithium Carbonate

-4.1%
$13,400
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