Bullish on NICKEL \o/After reaching its excessively high peak in March 2022, the price of nickel ( SHFE:NI1! ) entered a sustained correction phase. This correction brought the price down sharply to around $19,000 per ton. Following a brief upward correction, the price continued its downward movement.
Since early 2024, the price seems to have found its bottom at approximately $15,900 per ton. Currently, there is a consolidation phase at this level, with a support zone between $15,300 and $17,000 per ton appearing to hold.
Looking ahead, a bullish seasonality is expected from mid-January to mid-March. Additionally, the anticipated increase in demand for electric vehicles and electromobility by 2025 supports a more bullish outlook for nickel prices in the coming years.
