According to data released on Monday by the International Nickel Study Group (INSG), there was a surplus of 35,300 metric tonnes of nickel on the world market in November, compared to a surplus of 7,800 tonnes the previous year.
In contrast, there will be a 26,000 metric tonne surplus in October 2023.
In comparison to the same period in the previous year, which saw a surplus of 80,200 tonnes, the first 11 months of 2023 saw a surplus of 212,500 tonnes.