Nickel touches week high on global supply worries

Nickel prices rose today, touching one-week high, due to the renewed supply concerns from major producers led by Indonesia, in addition to trade war fears.

Nickel prices rose by 50% during 2019, due to market's concerns about the possible Indonesian decision to ban nickel exports in 2022.

Analysts at Commerzbank see that nickel prices are exaggerated and are not based on supply and demand data.

Meanwhile, the trade war continues to impact metals in global markets, especially after the recent escalation and the tariffs decisions.

As of 13:57 GMT, nickel rose by 0.1% to $15,762 per tonne, with a high of $16,000 (the highest since August 21st).