Welcome to the nickel miners news for September. The past month saw nickel prices slightly lower and a busy month of news from the nickel market and juniors. Perhaps the biggest theme has continued to be the forecasts for a mid-term nickel deficit, explaining why Tesla’s (TSLA) Elon Musk called for miners to “mine more nickel”. Tesla Battery day reaffirmed Tesla’s massive EV metals demand ahead as it scales to 3TWh of battery capacity by 2030 and 20m EVs pa as their long term goal.
Nickel price news
As of September 30, the nickel spot price was USD 6.54, down from USD 6.82 last month. Nickel inventory at the London Metals Exchange [LME] was slightly lower than last month at 235,950 tonnes (238,830 tonnes last month).
Nickel spot prices – 5-year chart – USD 6.54/lb
Nickel demand v supply charts
Nickel Long-term Price Projection
Source: Kalkine Media courtesy