Nickel prices hit seven-year highs on strong demand

Nickel on the Periodic Table of The Elements

Highlights

  • Nickel hits seven-year highs.
  • Sales of new energy vehicles in China have almost doubled in July.
  • A push for green vehicles has also encouraged automobile companies to expand their operations.

Nickel prices surged close to seven-year high levels on Thursday to trade above US$19,000 per tonne on the back of strong demand from industries amid the burgeoning electric vehicle market and tight supplies. The significant rise in the prices was witnessed after China's steel player Tsingshan declared that would only supply matte from its Indonesian nickel project.

Additionally, the sales of new energy vehicles in China have almost doubled in July fueling the demand for nickel and its prices. The government's push for green vehicles to limit pollution has encouraged automobile companies to expand their operations, boosting nickel's demand.

Bottom Line

Nickel prices hit seven-year high levels on the back of strong demand from the electric vehicle sector and the government's push towards green energy to limit pollution.

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