2024-06-02 07:06:52 ET
Summary
- Nickel spot prices were higher the last month. Unrest in New Caledonia is driving up the price of nickel.
- Nickel market news - Albanese and Chalmers’ budget delivers $7bn splash for critical minerals 'refiners'. Nornickel expects the global nickel surplus to be about 100,000 metric tons this year.
- Nickel company news - Vale - Manara Minerals will acquire 10% of Vale Base Metals for ~US$2.5b. Horizonte Minerals - Notice of resolution to appoint administrators.
- Premium Nickel reports 17.55 metres of 3.28% NiEq.. Ardea, Sumitomo Metal Mining and Mitsubishi Corporation to form a Joint Venture to develop the Kalgoorlie Nickel Project – Goongarrie Hub.
Welcome to the nickel miners news for May.
The past month saw nickel prices higher.
Nickel price news
As of May 31, the nickel spot price was USD 9.19/lb , up from USD 8.67/lb last month. LME shows the price at USD 19,760/tonne . Nickel inventory at the London Metals Exchange [LME] was higher the past month at 83,634 tonnes (78,594 tonnes last month).
Nickel spot price 5 year chart - Current price = USD 9.19/lb
Nickel demand v supply chart
INSG forecasts a third consecutive year of nickel oversupply in 2024 ( source )
Benchmark Mineral Intelligence forecasts deficits for lithium, nickel & cobalt to increase from 2027 onwards ( source ) ...
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Nickel Miners News For The Month Of May 2024