Nickel Price Surging for Bullish at Electric Cars Usage

SHANGHAI, Nov.1 (SMM)－The global electric cars manufacturers are depending on more nickel for battery sources. Learned from recent news especially from LME Week, the market are all bullish at nickel demand of electric cars, which promotes the price surge. LME Nickel surged nearly 7% on Tuesday at $12,405 per tonne, setting new high from May 2015. LME Nickel has risen 24% since beginning of this year. Matthew Chamberlain, CEO of LME said LME is considering a contract of nickel sulfate, which needs 18 months to launch.

Previously SMM senior nickel analyst Yangbo said on SMM annual party, it is quite certain that demand of nickel sulfate used for electric cars battery will rise. In 2020, the nickel consumption is expected to rise from 5,000 tonnes in 2016 to 30,000 tonnes in 2020. Meanwhile, many countries abroad has announced schedule of elimination of fuel cars. The nickel consumption used for electric cars battery is expected to reach 100,000 tonnes in 2020.

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