EconomySupply deficit pushes nickel prices to high since 2011

Supply deficit pushes nickel prices to high since 2011

-

- Advertisement -

Lima, January 14, 2022Updated on 01/14/2022 08:19 am

Nickel prices hit their highest since 2011 on Friday as shortfalls in supply are reducing stocks and investors expect increased demand for electric vehicles as copper slipped.

Ads
- Advertisement -

At 11:23 GMT, benchmark nickel on the London Metal Exchange (LME) was up 2.3% to $ 22,695 a ton, after peaking at $ 23,935.

Nickel is heading for its biggest weekly gain since August 2019, up nearly 10%. Prices have doubled since March 2020, but are a far cry from the all-time high of $ 51,800 reached in 2007.

- Advertisement -

Metal is used mostly to make stainless steel. Batteries account for 5% of demand, but could rise to 30% by 2040, according to Nitesh Shah, an analyst at WisdomTree.

“There is a wide awareness of how important nickel is in the energy transition. It is very very difficult to imagine how the supply of class 1 nickel (used for batteries) will keep up with the demand ”, He said.

“We are very optimistic. The $ 25,000 price tag is not going to stop. We can go much higher than that in the next decade “added.

In other base metals, copper on the LME fell 0.2% to US $ 9,943.50 a ton, accumulating a 3% rise for the week, its biggest weekly advance since October.

Ads

Aluminum improved 0.8% to US $ 2,975 a ton; zinc advanced 0.4%, to US $ 3,576; lead added 0.8%, to US $ 2,377.50; and tin was up 0.6%, at $ 40,750.

.

- Advertisement -
spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

US commander Karl Thomas asks to respond to Chinese fire around Taiwan

The decision of China to fire missiles around Taiwan needs to be answered as "irresponsible", affirmed a...

Sales of electric cars skyrocket in China: they expect to reach 6 million by 2022

China has become one of the strongest markets for electric carsAnd the numbers keep going up. According to...

Quintero does not rule out signing for Alianza Lima: “I would have to make the best decision”

Despite intending to renew once again with academic, Alberto Quintero contemplates the possibility of continuing his career in...

A family wine: Giovanni Bisso tells us about El Soleado Tributo

With many years of experience, dedication, great enthusiasm and an innovative attitude, this winery has become one of the...

Must read

You might also likeRELATED
Recommended to you