Nickel prices jump to 10-year highs
Nickel prices have risen to their highest values in the past ten years.
On January 12, the price of the metal on the London Stock Exchange rose to 22,745 thousand dollars per ton (an increase of 4.4%). Over the past month, the price of nickel has increased by a total of 12%.
The reason for the increase in the price of the metal was the decrease in its reserves against the background of growth in the production of electric cars – nickel is used in the production of batteries for this type of car.
Metal stocks in warehouses, which are monitored by the London Stock Exchange, have fallen to the lowest in the last 51 days. In particular, only 4.86 thousand tons of nickel remained in China.
“We are starting to see consumers wake up to problems,” Trafigura chief trader Jeremy Weir said at the Future Minerals Forum in Saudi Arabia, referring to the critical level of nickel reserves.
