Nickel Prices Surge to Three-Year High Amid Chinese Trading Activity

Nickel prices jumped more than 10% in London, hitting $18,785 per ton—the highest level in three years. The rally accelerated during Asian trading hours, fueled by heavy buying pressure in a market previously weighed down by oversupply concerns and sluggish demand. Indonesia's persistent output had kept prices depressed, while electric-vehicle battery demand fell short of early projections.

The narrative shifted abruptly as capital flooded China’s metals markets, with traders reacting to mounting risks surrounding Indonesian production. Chinese investors played a pivotal role, driving not just nickel but also gold, copper, and tin higher. Trading volumes spiked on the London Metal Exchange during Asia’s active hours, with gains extending into night sessions on the Shanghai Futures Exchange.

Copper and tin followed suit, rising 3% and 4%, respectively. The MOVE stood out for its velocity rather than fundamental catalysts—positioning and liquidity flows, not supply disruptions, propelled the rally. The momentum, centered in China, rippled across global exchanges, lifting industrial metals in unison.

This surge coincides with growing investor interest in commodities ahead of 2026, suggesting metals may remain a focal point amid geopolitical and macroeconomic crosscurrents.