opinion

Trucks at the processing facilities of Harita Nickel, one of Indonesia's largest nickel producers, on Sept. 16. The metal is in massive oversupply thanks to an Indonesian production boom.

It’s hard to believe that nickel was so wild a couple of years ago it almost broke the London Metal Exchange.

Most of this year the London market has done no more than trundle along lethargically at five-year lows either side of the US$15,000-per metric ton level.

Nickel, used in stainless steel and electric vehicle batteries, is in massive oversupply thanks to an Indonesian production boom. The reminder comes daily in the form of the LME’s stocks reports.

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