Nickel Price Today

Nickel Historical Prices

The following is the list of historical prices of nickel

1. Nickel prices opened at Rs.1,728.5 per kg in the month of January 2022 and closed at Rs.2,547 in December 2022.
2. The price of the metal witnessed significant fluctuations and recorded a declining trend in its overall performance.
3. The cost of one kilogram of nickel achieved its highest level in December 2022 when the price stood at Rs.2547. While the aluminium price recorded its lowest price in January 2022 when the price stood at Rs.1,728.5.
4. The percentage change recorded for December 2022 and January 2022 are 15.62% and 10.60%, respectively.

Nickel Price for Last 10 Days

Nickel price for last 10 days are mentioned below -

Types of Nickel Metals

The various types of nickel metals are mentioned below

• Nickel 200 - This is wrought nickel with a purity of around 99.6%. Iron, manganese, silicon, copper, carbon, and sulfur are all present in trace amounts. This kind of nickel is used in piping, equipment for food processing, synthetic fibers, etc.
• Nickel Rods and Bars - Nickel rods and bars are straight and come in a variety of shapes such as square, circular, and triangular. It is primarily employed in applications such as power plant steam turbines and aircraft gas turbines.
• Nickel Sheet - This is a nickel or nickel alloy flat plane. Nickel sheets are thin and homogeneous in thickness. Nickel sheets are used in a variety of industries, including power generation, marine, electronics, and aerospace, to mention a few.

Factors Affecting Nickel Prices

The various factors affecting nickel prices are mentioned below

• Metal prices are affected by commodity-specific events such as the development of new production facilities or processes, unexpected mine or plant closures (natural disaster, supply disruption, accident, strike, and so on), or industry restructuring.
• Prices on international market places.
• The exchange rates between Indian rupees and US dollars.
• Metal prices are affected by economic events such as national industrial growth, the global financial crisis, recession, and inflation.

Benefits of Nickel

The various benefits of Nickel are mentioned below

1. Nickel as a metal is fully recyclable. This makes it useful in construction of buildings and various industry grade equipment.

1. Nickel is resistant to corrosion, tough, and hygienic. This makes it perfect for use in the medical industry.
2. Nickel is resistant to heat. Hence, it is used to make jet engines, power generation facilities, etc.

Applications of Nickel

The various applications of nickel are mentioned below

• Nickel alloys are employed in a variety of industries, including marine, energy, aviation, and energy.
• Electroplating employs nickel. This is done for ornamental purposes as well as to prevent or slow the corrosion of other metals.
• Nickel is used to make stainless steel.
• Nickel is also used as a catalyst in a number of key chemical reactions, including the hydrogenation of vegetable oils, the reforming of hydrocarbons, and the synthesis of fertilizers, insecticides, and fungicides.
• Nickel and nickel alloys are used to make products such as color television sets, communication sets, surgical equipment, combustion chambers, and turbine engine disks.
• Nickel is a magnetostrictive material due to its intrinsic magnetic field presence.
• Nickel is used in the hard metal industry as a binding agent or in cemented tungsten carbide.

How to Invest in Nickel?

Nickel is a metal which, unlike oil, gold, and copper, does not trade on an open market with a live spot price. The London Metals Exchange (LME) nickel futures contract is widely recognized as the industry standard. Futures contracts are agreements to acquire or sell a specific amount of metal at a specific price today for delivery on a specific future date.

The iPath Bloomberg Nickel Subindex Total Return ETN (Exchange Traded Note), a product that tracks an index of nickel futures, is another option to track nickel prices. The price of the ETN does not correspond to a ton of nickel, but its performance is meant to correspond to its underlying performance.