Nickel is almost silver-white in color. It has good strength and ductility at low temperatures. An oxide film is formed at room temperature and humidity to prevent further oxidation. It is often used for electroplating and alloying. Nickel is an important industrial metal widely used in the steel industry, construction industry, and machinery industry. The main producers of primary nickel are Indonesia, Russia, and China, and the major consumers are China, the United States, and Japan. Nickel futures are dominated by the London Metal Exchange (LME), with trading volume and delivery volume dominated. LME products are traded as forward contracts, unlike ordinary futures contracts.
Contributing factors:
1. Production in the main producing country
2. Industrial needs: steel, construction, machinery
3. Global economic situation
4. inventory
5. Cost of production
