Nickel Price in 1978

In 1978, the price of nickel averaged $4,609 per tonne, down 9.9% from the year before. This page covers the 1978 average, high, low, and year-end close, the events that moved the market, and what that nickel would be worth in today's dollars.

1978 Average

$4,609

LME annual average, USD/tonne

Change vs 1977

-9.9%

from $5,118 in 1977

What happened to the nickel price in 1978

Nickel averaged $4,609 per tonne in 1978, down 9.9% from $5,118 the year before. The notable development of 1978: Last full year before LME nickel contract launched (April 1979); pre-LME producer price..

Nickel traded as a producer-set metal through the 1970s, well before the LME launched its nickel contract in April 1979; prices rose with inflation from around $2,850 to roughly $5,100 per tonne.

Adjusted for inflation, nickel's 1978 average of $4,609 equals about $22,783 in today's dollars. The conversion uses US Bureau of Labor Statistics CPI-U annual averages, so treat it as a close approximation rather than an exact figure.

Frequently Asked Questions

What was the price of nickel in 1978?

Nickel averaged $4,609 per tonne in 1978, based on World Bank and LME annual average data. That average was down 9.9% from $5,118 in 1977.

What is a 1978 nickel price worth in today's dollars?

Adjusted with the US Consumer Price Index, nickel's 1978 average of $4,609 works out to roughly $22,783 in today's dollars, using 2025 as the CPI base year. The conversion uses BLS CPI-U annual averages, so treat it as a close approximation rather than an exact figure.

What moved the nickel price in 1978?

The defining story of 1978: Last full year before LME nickel contract launched (April 1979); pre-LME producer price.. Against that backdrop, the annual average fell 9.9%, from $5,118 in 1977 to $4,609.

Annual averages are World Bank and LME nickel prices per tonne in US dollars (LME cash and settlement basis). Values before the LME nickel contract launched in April 1979 are producer and reference prices, and the 2025 figure is preliminary. Where daily data exists, the per-year high, low, and close come from MetalCharts historical data. Inflation adjustments use BLS CPI-U annual averages.