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NI

Nickel

16116.5 USD/Mt 375.5 (2.39%) (Last updated - September 11, 2024 05:00 AM UTC )
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23561
Day Low
22037.5
Previous Close
22470
52 Week Range
17707.5 - 86791.5
Change YTD
-2.93%

About

Performance USD/oz Change
5 Day -0.6%
1 Month -0.21%
3 Months -9.07%
6 Months -10.85%
52 Week -19.11%

September 11, 2024 05:00 AM UTC

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Nickel is the fifth most abundant element on the earth and is around a hundred times more concentrated beneath the earth’s crust. After iron, nickel is considered to be the second most abundant element in the earth’s inner core. Nickel is a silvery-white lustrous metal. The metal when powdered records significant chemical action but thanks to its high oxidation properties, it is soon coated with an oxide layer on the surface. Due to the high chemical reactivity of the metal, pure nickel is found in tiny quantities within the earth’s crust.

Among industry materials, nickel plays a stabilising and supportive role. It is usually alloyed with other metals to produce shinier, stronger and long-lasting products. Nickel is widely used as the protective layer for softer metals.

Applications

Due to its ability to withstand high temperatures, nickel is utilised in the manufacturing of superalloys. These superalloys exhibit impeccable strength and resistance to oxidation, heat and corrosion. According to the Nickel Institute, roughly two-thirds of the nickel supply is used to manufacture stainless steel while one-fifth is used for steel and non-iron alloys for military, industrial and aerospace uses. Furthermore, one-tenth of the global supply is utilised for plating while the remaining is used for coins, electronics and batteries.

Nickel is widely used as a catalyst for the hydrogenation of unsaturated hydrocarbons. A nickel catalyst can be used to produce soaps and margarine and to shorten hydrocarbon chains. Nickel is also used extensively in varying applications of chemical manufacturing, including as cathodes in rechargeable battery packs, pigments and metal surface treatments.

Coinage and history

The metal has been extensively used in coins due to its long-lasting and corrosion-resistant properties. Between 1857 and 1858, the United States government issued the first-ever nickel coin, Flying Eagle, which consisted of 12% nickel and 88% copper. While most of the coins used gold and silver in historic times, governments across the globe began to issue nickel coins and notes.

Here is some trivia for you –Switzerland produced the first-ever pure nickel coin in 1881.

Occurrence

Nickel is usually found within two deposit types, laterite and magmatic sulphide deposits. Lateritic rock formations are a result of the intensive weathering of surface nickel-rich rocks over the years. Nickel is also found in manganese nodules and at the surface of the sea floor, but these sources are yet to be extensively extracted for the metal. Some of the primary minerals containing nickel are limonite, garnierite and pentlandite. 

During the mid-nineteenth century, Norway developed the first large-scale nickel smelting site, extracting nickel from pyrrhotite mineral. 1n 1883, large nickel deposits were discovered in the Sudbury Basin of Canada, which produces over 30% of the global nickel even today. It is believed that nickel formations in the Sudbury Basin are a result of meteoric activity in ancient times. In the early 1900s, additional nickel deposits were discovered in South Africa and the Russian Federation, strengthening nickel’s position in the metal industry. Nickel is widely mined in Indonesia, Russia, Australia, New Caledonia, Canada, Cuba and South Africa.

Magnetism

Nickel is among the four elements (iron, cobalt, germanium, and nickel) that exhibit ferromagnetism at room temperature. Permanent magnets based on nickel alloys such as Alnico have intermediate strength between iron-based permanent magnets and rare-earth elements-based magnets. Alnico is produced from the amalgamation of aluminum, nickel, and cobalt. Another nickel alloy, known as the Mu-metal is a soft magnetic alloy that contains over 80% nickel and 20% iron with little molybdenum. The alloy can be used to shield electronic equipment against low-frequency magnetic fields.

Code Company Price Chg %Chg High Low Volume Market Cap
AEE Aura Energy Ltd 0.130 0.015 13.044 0.130 0.120 1525339 118.295 M
ALY Alchemy Resources Ltd 0.006 0.000 0.000 0.006 0.006 103167 10.603 M
AMD Arrow Minerals Ltd 0.002 0.000 0.000 0.002 0.001 19723647 42.158 M
AOA Ausmon Resources Ltd 0.002 0.000 0.000 0.002 0.002 -- 3.446 M
AQD Ausquest Ltd 0.010 0.000 0.000 0.010 0.010 150000 9.077 M
ARL Ardea Resources Ltd 0.430 0.000 0.000 0.430 0.430 27436 92.853 M
ARV Artemis Resources Ltd 0.012 0.000 0.000 0.013 0.012 2589016 17.252 M
ATM Aneka Tambang Tbk PT DRC 1.030 0.000 0.000 1.030 1.030 -- 5,142.581 M
AUZ Australian Mines Ltd 0.008 0.000 0.000 0.008 0.007 222395 12.587 M
AVL Australian Vanadium Ltd 0.014 0.000 0.000 0.015 0.014 405390 137.870 M
AXE Archer Exploration Ltd 0.240 0.010 4.348 0.240 0.230 198325 72.631 M
BHP BHP Group Limited 38.810 -0.530 -1.347 38.860 38.455 9949194 210,772.787 M
BOE Boss Energy Limited 2.890 0.280 10.728 2.910 2.790 6435451 1,472.184 M
BSX Blackstone Minerals Ltd 0.048 0.007 17.073 0.048 0.041 471334 21.055 M
CCZ Castillo Copper Ltd 0.004 0.000 0.000 0.004 0.004 2454584 6.498 M
CHN Chalice Mining Limited 1.150 0.065 5.991 1.190 1.105 4686049 418.136 M
CLA Celsius Resources Ltd 0.011 -0.001 -8.333 0.012 0.011 463824 31.563 M
CNJ Conico Ltd 0.001 -0.001 -50.000 0.001 0.001 50000 2.202 M
CTM Centaurus Metals Ltd 0.405 0.035 9.460 0.410 0.360 506935 181.119 M
CWX Carawine Resources Limited 0.090 -0.005 -5.263 0.095 0.090 100000 20.307 M
CZN Corazon Mining Ltd 0.004 0.000 0.000 0.004 0.004 -- 3.340 M
ENT Enterprise Metals Ltd 0.004 0.000 0.000 0.004 0.004 -- 3.280 M
ESR Estrella Resources Ltd 0.006 0.000 0.000 0.006 0.006 11261344 8.797 M
FML Focus Minerals Ltd 0.145 -0.005 -3.333 0.150 0.145 25036 39.259 M
G88 Golden Mile Resources Ltd 0.009 0.000 0.000 0.009 0.009 110904 4.112 M
GAL Galileo Mining Ltd 0.160 0.005 3.226 0.170 0.160 207440 35.573 M
GBR Great Boulder Resources Ltd 0.045 0.002 4.651 0.045 0.043 659145 31.538 M
GTE Great Western Exploration Ltd 0.036 0.007 24.138 0.037 0.030 6578748 9.396 M
HLX Helix Resources Ltd 0.004 0.000 0.000 0.004 0.004 7544350 9.793 M
IGO IGO Ltd 5.480 0.350 6.823 5.480 5.260 6633066 4,263.418 M
IPT Impact Minerals Ltd 0.013 0.000 0.000 0.013 0.012 295110 45.891 M
JRV Jervois Mining Ltd 0.011 0.000 0.000 0.012 0.011 380117 48.650 M
KAI Kairos Minerals Ltd 0.009 0.000 0.000 0.010 0.009 250500 20.967 M
KOR Korab Resources Ltd 0.008 0.000 0.000 0.008 0.008 -- 2.936 M
LEG Legend Mining Ltd 0.012 -0.001 -7.692 0.012 0.012 500000 34.914 M
LM8 Lunnon Metals Ltd 0.162 -0.003 -1.818 0.165 0.162 174486 33.766 M
MEI Meteoric Resources NL 0.100 0.005 5.263 0.105 0.097 4765105 238.814 M
MLX Metals X Ltd 0.400 -0.005 -1.235 0.405 0.395 669663 394.204 M
MRD Mount Ridley Mines Ltd 0.001 0.000 0.000 0.001 0.001 -- 7.785 M
MRR Minrex Resources Ltd 0.009 0.000 0.000 0.009 0.009 260000 9.764 M
NIC Nickel Industries Limited 0.840 0.070 9.091 0.845 0.800 7270287 3,364.361 M
NIS Nickelsearch Ltd 0.015 -0.001 -6.250 0.016 0.015 150000 3.630 M
NME Nex Metals Explorations Ltd 0.049 -0.001 -2.000 0.050 0.049 79699 9.455 M
NST Northern Star Resources Ltd 15.040 0.210 1.416 15.100 14.855 3096559 16,690.596 M
ORN Orion Minerals Ltd 0.016 0.000 0.000 0.016 0.016 5606 111.664 M
PAN Panoramic Resources Ltd -- -- -- -- -- -- 103.938 M
PGM Platina Resources Ltd 0.020 0.001 2.564 0.020 0.020 10000 14.956 M
PNN Power Minerals Ltd 0.105 0.015 16.667 0.105 0.098 341743 10.680 M
POS Poseidon Nickel Ltd 0.004 0.001 33.333 0.004 0.003 9909432 14.854 M
RIE Riedel Resources Ltd 0.002 0.000 0.000 0.002 0.002 -- 2.224 M
RIO Rio Tinto Ltd 110.410 2.060 1.901 110.410 108.550 1171975 183,179.739 M
RNU Renascor Resources Ltd 0.098 0.001 1.031 0.098 0.094 4207136 221.101 M
RXL Rox Resources Ltd 0.140 0.015 12.000 0.140 0.125 449718 59.050 M
S32 South32 Ltd 3.080 0.070 2.326 3.110 3.010 21797512 13,180.147 M
SBR Sabre Resources Ltd 0.014 0.002 16.667 0.014 0.014 102260 5.502 M
SFM Santa Fe Minerals Ltd 0.038 0.000 0.000 0.038 0.038 -- 2.330 M
SFR Sandfire Resources NL 8.890 0.390 4.588 8.900 8.600 3168455 3,732.107 M
SFX Sheffield Resources Ltd 0.295 0.000 0.000 0.295 0.295 3119 121.883 M
SGQ St George Mining Ltd 0.029 -0.001 -3.333 0.030 0.029 364462 30.645 M
SMI Santana Minerals Ltd 2.100 0.170 8.808 2.100 1.920 942058 239.591 M
SRI Sipa Resources Ltd 0.015 0.000 0.000 0.015 0.015 -- 4.335 M
SRL Sunrise Energy Metals Ltd 0.430 -0.025 -5.495 0.430 0.430 1000 38.347 M
TLM Talisman Mining Ltd 0.210 0.010 5.000 0.210 0.205 33047 54.613 M
VMC Venus Metals Corporation Ltd 0.063 -0.002 -3.077 0.065 0.063 47499 16.506 M
VMS Venture Minerals 0.012 0.000 0.000 0.012 0.011 424222 43.905 M
VRX VRX Silica Ltd 0.028 -0.002 -6.667 0.030 0.028 128134 24.502 M
WCN White Cliff Minerals Ltd 0.016 0.001 6.667 0.016 0.015 1488100 27.700 M
* Data powered by EODHD®. Data delayed 20 minutes unless otherwise indicated.

Frequently Asked Questions

Nickel is an essential nutrient for the human body but may cause harm if consumed in excess. Most issues related to nickel are seen due to breathing infected air or drilling nickel-rich water causing infection. Nickel is classified as carcinogenic for humans and may cause respiratory cancer, including lung cancer, as it has been observed in epidemiological studies of sulfidic ore refinery workers.

Oral consumption of nickel is mostly removed by kidneys and passed off as urine or the gastrointestinal tract without absorption. Overall, nickel is not toxic for humans but a larger dose of it or chronic inhalation may have repercussions, including cancer.

The majority of nickel is inaccessible since it is contained within the earth’s iron nickel molten core. Nickel is also present amongst dissolved minerals in the sea. Nickel present in soil is estimated to be present between 0.2 ppm and 450 ppm. Nickel is present in plants and vegetables. Among food items, nickel is present in beans and tea.

Nickel is also released into the environment by power plants, which later on settles to the ground upon contact with raindrops. Nickel’s presence at high concentrations in sandy soil could damage plants, and in water, could harm algae growth. Usually, nickel does not accumulate in plants or animals.

Indonesia is the largest nickel-producing country in the world and it banned nickel ore export in January 2021. The Indonesian government had banned nickel ore exports in an effort to boost the domestic nickel downstream sector and increase mining investments in the country. Some government officials have confirmed that the initiative had actually shown a positive impact on the domestic nickel industry and had boosted exports of nickel-derived products along with bringing in major investments.

Nickel is obtained via extractive metallurgy by conventional roasting and the reduction process to obtain the final product with more than 75% Ni grade. A majority of sulfide ores are processed using froth flotation and pyrometallurgical processes to produce nickel matte. Nickel matte can be processed further by the leaching and electrowinning (SX-EW) beneficiation processes. Alternatively, nickel matte can also be processed using the Sherritt-Gordon process, which produces a concentrate of cobalt and nickel, which can be later refined using the solvent extraction method to obtain 99% purity nickel.

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