RT.com
13 Jan 2022, 17:43 GMT+10
Price increase comes as other commodities also rally, notably copper and crude oil
The price of nickel has surged to its highest in a decade, as electric vehicle makers scramble to secure supplies for batteries amid booming car production and dwindling reserves.
The price of nickel on the London Metal Exchange jumped as much as 4.4% to $22,745 per ton on Wednesday - its highest value since August 2011.
The metal exchange reported that nickel stocks in warehouses it monitors have fallen for 51 consecutive days. Reserves of the metal in China - the world's biggest battery manufacturer - are also reportedly approaching a record low.
Nickel is a metal that typically occurs naturally as ore, which must be mined, extracted and refined. It has many important industrial uses, such as in the production of stainless steel and batteries. More than 25 countries mine nickel, the largest producers being Indonesia, Russia and Canada.
Car manufacturers favor batteries with a high proportion of nickel, which bolsters their capacity, extending the range of electric vehicles and allowing them to do longer distances on one charge.
The International Energy Agency (IEA) estimates that demand for nickel could soar nineteen-fold by 2040 if the world's nations proceed to fully meet the goals of the Paris Climate Agreement, by reducing greenhouse gas emissions and limiting global warming to pre-industrial levels.
Other commodities have also seen spikes in price. Copper rose above $10,000 on Wednesday, for the first time since October.
Oil prices also hit two-month highs on Wednesday, as crude inventories in the United States, the world's top consumer of oil, fell to their lowest levels since 2018.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Singapore Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Singapore Star.
More InformationWASHINGTON, D.C.: Industry leaders are pushing the Trump administration to clear regulatory obstacles slowing the rollout of self-driving...
NEW YORK, New York – Israeli military forces caused deaths and unnecessary suffering of Palestinian patients while occupying hospitals...
BRUSSELS, Belgium: The European Union is set to tighten steel import quotas starting in April, reducing inflows by 15 percent to prevent...
WASHINGTON, D.C.: U.S. Transportation Secretary Sean Duffy has warned that New York's Metropolitan Transportation Authority (MTA) could...
WASHINGTON, D.C.: Commerce Secretary Howard Lutnick said the Trump administration is asking companies and foreign governments to help...
Israel Air Force pilots have bombed a funeral in northern Gaza, killing more than a dozen mourners. Family and friends of Dr Wasim...
BOSTON, Massachusetts: A routine safety mechanism at data centers nearly triggered a regional power crisis last summer, highlighting...
PARIS, France: Air France is making a bold bet on luxury travel with the launch of an upgraded first-class suite, aiming to attract...
WASHINGTON, D.C.: U.S. home construction and manufacturing activity surged in February, but rising costs from tariffs and economic...
NEW YORK, New York - Uncertainty continues to plague investors on Wall Street with Friday's trading being volatile and weak. The major...
WASHINGTON, D.C.: U.S. factories ramped up production in February, with a sharp rebound in motor vehicle output helping to drive manufacturing...
Elon Musk's Teslas' are in the running to take over the transport of Israel's government officials. Musk's company, Tesla Inc., has...