FX & Commodity Almanac

ECB fixings to 16 Oct 2026 · World Bank prices to September 2026

Base metals & ore · World Bank monthly average

What is the Nickel price and how has it changed?

Nickel averaged 16,324 US dollars per metric ton in September 2026, according to the World Bank Pink Sheet. That is 2.5% below Aug 2026 and 8.1% above Sept 2025, and in the middle half of all monthly averages since January 2000.

Sept 2026 average
16,324$/mt · US dollars per metric ton
Month on month
▼ −2.5%from 16,751 in Aug 2026
Year on year
▲ +8.1%from 15,106 in Sept 2025
12-month range
14,671–18,806low Nov 2025 · high May 2026

The last five years

Nickel, monthly average price, last five yearsNickel from 19,377 $/mt in Sept 2021 to 16,324 in Sept 2026; five-year high 33,924 (Mar 2022), low 14,671 (Nov 2025). 10,00015,00020,00025,00030,00035,000 20222023202420252026
Monthly averages, Sept 2021 – Sept 2026, $/mt. Yellow dot: latest month.

What the record shows

  1. Over five years the price ranged from 14,671 (Nov 2025) to 33,924 (Mar 2022). Sept 2026 sits 9% of the way from that low to the high.
  2. Since January 2000 the record high is 52,179 (May 2007) and the low 4,825 (Oct 2001). The latest month is higher than 59% of the 321 monthly averages in that span, in nominal dollars (not adjusted for inflation).
  3. The highest full-year average since 2000 was 2007 (37,230); the lowest was 2001 (5,945).
  4. Annualised volatility of monthly changes over the past five years was 27.8%, close to the 28.9% for the whole record since 2000. Monthly averages smooth out intra-month swings, so daily markets move more than this.
  5. Five years earlier, in Sept 2021, the average was 19,377: the price is 15.8% below that level.

Yearly averages

Nickel yearly average, change, high month and low month
YearAveragevs prior yearHighest monthLowest month
2026 9 mo. 17,344 ▲ +14.4% 18,806 May 16,324 Sep
2025 15,162 ▼ −9.8% 16,066 Mar 14,671 Nov
2024 16,814 ▼ −21.9% 19,587 May 15,445 Dec
2023 21,521 ▼ −16.7% 28,195 Jan 16,461 Dec
2022 25,834 ▲ +39.9% 33,924 Mar 21,482 Jul
2021 18,465 ▲ +33.9% 20,016 Dec 16,407 Mar
2020 13,787 ▼ −0.9% 16,823 Dec 11,804 Apr
2019 13,914 ▲ +6.1% 17,657 Sep 11,523 Jan
2018 13,114 ▲ +26.0% 15,106 Jun 10,835 Dec
2017 10,410 ▲ +8.5% 11,972 Nov 8,932 Jun
2016 9,595 ▼ −19.1% 11,129 Nov 8,299 Feb
2015 11,863 ▼ −29.8% 14,849 Jan 8,708 Dec
2014 16,893 ▲ +12.4% 19,401 May 14,101 Jan
2013 15,032 ▼ −14.3% 17,690 Feb 13,684 Nov
2012 17,548 ▼ −23.4% 20,394 Feb 15,735 Aug
2011 22,910 ▲ +5.1% 28,252 Feb 17,873 Nov
2010 21,809 ▲ +48.8% 26,031 Apr 18,439 Jan
2009 14,655 ▼ −30.6% 19,642 Aug 9,696 Mar
2008 21,111 ▼ −43.3% 31,225 Mar 9,686 Dec
2007 37,230 ▲ +53.5% 52,179 May 25,992 Dec
2006 24,254 ▲ +64.5% 34,570 Dec 14,555 Jan

Average = simple mean of the monthly averages published for that year. Rows in italics are incomplete years. Table shows 2006 onward; the charts and statistics use the full record from Jan 2000.

Since January 2000

Nickel, monthly average price since January 2000Nickel monthly averages from Jan 2000 to Sept 2026; highest 52,179 $/mt in May 2007, lowest 4,825 in Oct 2001. 010,00020,00030,00040,00050,00060,000 200020032006200920122015201820212024
Monthly averages, nominal US dollars ($/mt).

Largest one-month moves since 2000

MonthFromToMove
Mar 202224,01633,924▲ +41.3%
Oct 200817,79512,140▼ −31.8%
Jul 200620,75526,586▲ +28.1%
Aug 200915,98519,642▲ +22.9%
Jun 200411,11813,534▲ +21.7%

What exactly is being priced?

Nickel (LME), cathodes, minimum 99.8% purity, settlement price since 2005. The World Bank publishes the series as a monthly average in US dollars per metric ton ($/mt). Benchmark definitions occasionally change, as noted above, so very long comparisons mix slightly different contracts. See commodity price units explained for converting units.

Sources