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 Vietnam Tribune 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 Vietnam Tribune.
More InformationNew Delhi [India], July 12 (ANI): The Ministry of External Affairs (MEA) has underlined India's increasing involvement in the Indo-Pacific...
Dhaka [Bangladesh], July 12 (ANI): The three-day second-round tariff talks between Bangladesh and the United States have ended without...
New Delhi [India], July 12 (ANI): International Cricket Council (ICC) chairman Jay Shah lauded Italy and the Netherlands after both...
Lahore [Pakistan], July 12 (ANI): Police in Faisalabad have arrested two suspects, Bilal Nawaz and Umar Aslam, in connection with the...
New Delhi [India], July 12 (ANI): The Ministry of External Affairs (MEA) has released its annual report for 2024, highlighting India's...
London [UK], July 12 (ANI): Shubman Gill, who has developed an appetite for breaking milestones, continued with the trend and added...
ATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...