The cost of nickel fell to its lowest value in more than 2 years amid a noticeable increase in the volume of supplies from Indonesia, profinance.ru reports. At the end of the day quotations fell by 2.82%, reaching $16512.00 per ton. During trading their fall exceeded 3% - such a price level was last seen in the spring of 2021.

Since the beginning of the year, nickel has fallen in price almost twice - by 45.3%, which is the sharpest decline compared to other base metals on the London Stock Exchange, reports profinance.ru. This is mainly due to the fact that Indonesia has increased its exports to the world market. Macquarie Group notes that the volume of supplies from the country continues to grow. According to the forecast of Goldman Sachs, due to this factor, the cost of metal during the next year will be at $ 16 thousand.

Nickel is in demand by stainless steel producers, as well as in the production of electric vehicles - in particular, it is used for the manufacture of batteries.