Nickel prices rocketed nearly six percent on Wednesday to two-year highs on growing expectations of strong demand from manufacturers of rechargeable lithium-ion batteries used to power electric vehicles. Benchmark nickel on the London Metal Exchange traded up 3.2 percent at $12,690 a tonne in official rings from an earlier $13,030, its highest since June 2015. Prices of the metal used mostly to make stainless steel are up around 30 percent so far this year. The subject of electric cars is right now not just playing into cobalt and lithium, but also more into nickel, which is considered a laggard among the metals most likely to benefit. Nickel futures on ShFE hit their daily limit, which under the Shanghai bourse’s trading rules is 99,340 yuan a tonne, the highest in nearly 11 months. In other news, Philippines’ environment minister last week said he was hopeful a ban on open-pit mining would be lifted before year-end, enabling the world’s top nickel exporter to lift shipments. Stocks of nickel in LME warehouses at around 381,000 tonnes account for nearly 20 percent of global consumption. However, cancelled warrants - metal earmarked for delivery - at 37 percent have fuelled worries about a tight market.
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