HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Nickel approaching $7/lb, hits nine-month high
Hmm....I feel a perfect storm brewing...Burgeoning electric vehicle market possible trigger for rising price
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https://www.sudbury.com/local-news/nickel-approaching-7lb-hits-nine-month-high-2665470
Nickel approaching $7/lb, hits nine-month high
Burgeoning electric vehicle market possible trigger for rising price
19 h By: Sudbury.com Staff
(Supplied)
Reuters and Mining.com are reporting today that nickel prices have hit a nine-month high, possibly on expectations of higher demand for the burgeoning electric vehicle market.
Reuters said prices were also helped by falling ore inventories at Chinese ports.
The International Nickel Study Group reported global mined nickel fell 7.7 per cent in June over the same period last year. Then, in July, Tesla CEO Elon Musk started promising a large, long-term contract for environmentally responsible nickel miners to supply the electric vehicle battery market.
“The most traded November contract on the Shanghai Futures Exchange gained as much as 1.7 per cent to 118,210 yuan ($17,102.14) a tonne before closing one per cent up at 117,420 yuan,” Reuters reported.
“Three-month nickel on the London Metal Exchange (LME) edged down 0.1 per cent to $14,905 a tonne after touching its highest since November at $14,965.”
The Reuters report also said nickel laterite ore prices have been rising as inventories have declined at Chinese ports, and stainless steel margins have gotten better, indicating nickel demand, as the ore is a primary component of stainless steel.
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