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 Scandinavia Times 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 Scandinavia Times.
More InformationDUBLIN, Ireland: Dublin has unveiled a new 5.5 million euro cycle track along the south quays, enhancing safety and accessibility for...
ABOARD THE CHARLES DE GAULLE, Philippines: France's nuclear-powered aircraft carrier and its warships arrived in the Philippines over...
DUBLIN, Ireland: Dublin has been ranked as the second most expensive city for apartment construction among ten major European locations,...
DUBLIN, Ireland: Ireland is positioning itself to host a high-profile gathering of European leaders next year, with Tanaiste Simon...
BRUSSELS/LONDON: The European Commission is preparing to ease sustainability reporting requirements for businesses as part of a broader...
DUBLIN, Ireland: Ireland's rental market continued to tighten in 2024, with average rents rising by 5.7 percent over the year, according...
MEXICO CITY, Mexico: Three American women were found dead over the weekend at a beach resort in Belize, police said. Officials are...
BANGKOK, Thailand: Chinese authorities said they started live-fire military exercises in the Gulf of Tonkin this week, just days after...
ABOARD THE CHARLES DE GAULLE, Philippines: France's nuclear-powered aircraft carrier and its warships arrived in the Philippines over...
FRESNO, California: Fresno State suspended two of its top men's basketball players last weekend and removed a third player from the...
WARSAW, Poland: Deputy Prime Minister Krzysztof Gawkowski confirmed over the weekend that Poland has been covering the cost of Ukraine's...
Israel sustained the West's support for its slaughter in Gaza for 15 months only through an intensive campaign of lies. It invented...