Nickel Price in 2022

In 2022, the price of nickel averaged $25,834 per tonne, up 39.9% from the year before. This page covers the 2022 average, high, low, and year-end close, the events that moved the market, and what that nickel would be worth in today's dollars.

2022 Average

$25,834

LME annual average, USD/tonne

Change vs 2021

+39.9%

from $18,465 in 2021

2022 High

$61,972

from daily trading data

2022 Low

$18,281

from daily trading data

Year-End Close

$30,418

last trading day of 2022

Nickel Price Chart, 2005 to 2025

Annual average nickel price per tonne, 2005 to 2025, with 2022 marked.

What happened to the nickel price in 2022

Nickel averaged $25,834 per tonne in 2022, climbing 39.9% from the $18,465 average of 2021. Daily trading data shows nickel moved between a low of $18,281 and a high of $61,972 during the year, ending 2022 at $30,418. The defining story of 2022: LME short squeeze in March sends nickel above $100,000 intraday, and the LME halts trading and cancels trades.

A 2022 short squeeze briefly sent nickel above $100,000 intraday and forced the LME to halt and cancel trades; the annual average reached about $25,800 before Indonesian oversupply drove a multi-year decline.

Adjusted for inflation, nickel's 2022 average of $25,834 equals about $28,447 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.

Data note: USGS puts the full-year LME cash average at $25,815.

Frequently Asked Questions

What was the price of nickel in 2022?

Nickel averaged $25,834 per tonne in 2022, based on World Bank and LME annual average data. Daily prices ranged from a low of $18,281 to a high of $61,972, and the year closed at $30,418. That average was up 39.9% from $18,465 in 2021.

What is a 2022 nickel price worth in today's dollars?

Adjusted with the US Consumer Price Index, nickel's 2022 average of $25,834 works out to roughly $28,447 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 2022?

The defining story of 2022: LME short squeeze in March sends nickel above $100,000 intraday, and the LME halts trading and cancels trades. Against that backdrop, the annual average climbed 39.9%, from $18,465 in 2021 to $25,834.

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.