Nickel surges to best since 2015 on promise of Electric-Car boom
Nickel rocketed to a two-year high in London and climbed by the daily limit in Shanghai, as investors bet on a long-term boost to demand from the rise of electric cars. Prices advanced as much as 3.9% to $12,780 a metric ton on the London Metal Exchange, the highest since June 2015, before trading at $12,705 a ton in Singapore. That adds to a 5.3% gain on Tuesday, after Trafigura Group Pte joined Glencore Plc in unveiling bullish usage forecasts. The metal was up 4.3 percent in Shanghai. According to the market opinion, the market is awakening to a new driver of demand growth, which I suppose had been not really clear until just recently. Demand from electric-vehicle batteries “won’t impact fundamentals significantly in the very short term, but it’s certainly opening up a much better performance in the future.
Source : Bloomberg
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