Insight
Nickel's next unintended squeeze
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The LME's efforts to increase the total capacity of metal eligible for delivery to the exchanges added over 170kt Ni from July 2023 through to May 2024. All of it is full plate cathode and wholly produced in China or through a Chinese controlled entity in Indonesia. By October 2024, 275 kt Ni will have been suspended from good delivery under the LME's own rules or imposed governmental sanctions. In addition, the closure of BHP's Nickel West operation in October will remove a further 65 kt Ni capacity. Far from increased liquidity, it appears that availability will be tighter in Q4 2024 than in 2022, with real implications for nickel prices and premia.
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Global oil supply short-term update - October 2025
OPEC+ begin to unwind next tranche of cuts. We assume only a partial return of volumes due to a weakening outlook for prices.
$1,350
Insight
EPCA 59th Annual Meeting summary
Wood Mackenzie's key takeaways from EPCA 2025
$900
Insight
Grasberg mine incident tightens already constrained copper market
Compounding factor to existing supply disruptions
$1,050
