LME nickel stocks up 114 ton on Jul 28 from previous day

LME nickel inventory recorded 204,036 tons on 20250728, up 114 tons from the previous day. In the most recent week, LME nickel inventory decreased by a cumulative total of 3,840.00 tons, or 1.85%. Over the last month, inventory decreased by a cumulative total of 258.00 tons, or 0.13%. Historical data shows that since 20220801, the LME nickel inventory has ranged from a high of 208,092.00 tons to a low of 36,810.00 tons, with an average value of 93,811.571428571429 tons. The current inventory (204,036.00 tons) is 54.02% above the average.

Nickel prices have experienced a significant drop, falling to $16,250 per tonne, driven primarily by increased global production, notably in Indonesia [1]. This surge in supply has led to a decline from peak prices in 2022 and 2023. Although there was a temporary rise earlier this year due to geopolitical tensions and sanctions, prices have since stabilized at lower levels. Analysts predict that primary nickel stocks will reach a four-year high in 2024, which may further hinder price recovery [1].

The London Metal Exchange (LME) nickel inventory recorded 204,036 tons on July 28, 2025, an increase of 114 tons from the previous day. Over the most recent week, LME nickel inventory decreased by a cumulative total of 3,840.00 tons, or 1.85%, and by 258.00 tons, or 0.13%, over the last month. Since August 1, 2022, LME nickel inventory has ranged from a high of 208,092.00 tons to a low of 36,810.00 tons, with an average value of 93,811.571428571429 tons. The current inventory is 54.02% above the average [2].

The decrease in nickel prices has led to operational adjustments. BHP Group Ltd. has halted its Nickel West operations and the West Musgrave nickel project in Western Australia due to the lower prices [1]. Nickel decreased by 98 USD/MT or 0.60% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity [1]. It is expected to trade at $16,011.38 per tonne by the end of this quarter and $15,018.54 in the next 12 months, according to Trading Economics global macro models and analysts' expectations [1].

References:
[1] https://tradingeconomics.com/commodity/nickel
[2] LME Nickel Inventory Data