Nickel futures hovered around the $16,000 per tonne mark, remaining close to their lowest levels in nearly three years, as the slower-than-anticipated growth in electric vehicle adoption dampens demand for the metal. In addition, top consumer China grapples with challenges in stimulating its economy, as recent economic indicators suggest ongoing subdued demand within the country. Meanwhile, Australia has taken steps to bolster its nickel industry by including nickel on its Critical Minerals List, aiming to offer support to producers. Resources Minister Madeleine King has acknowledged that the international nickel price is expected to remain relatively depressed throughout 2024 and potentially for several subsequent years until the market surplus of nickel is rectified.
