Nickel price surge could add $1,000 to production of an electric vehicle: Morgan Stanley

[mahatmakanejeeves]

Yahoo Finance

Nickel price surge could add $1,000 to production of an electric vehicle: Morgan Stanley

Pras Subramanian · Producer/Reporter
Tue, March 8, 2022, 12:57 PM

Nickel is one of the hottest corners of the market right now. And it could spell a lot of trouble for automakers.

Nickel surged above $100,000 a metric ton on the London Metal Exchange, prompting a trading halt.

There are a number of reasons for the recent spike in prices (the metal is up 250% in the past two days), but a driving factor is Russia's invasion of Ukraine.

Russia is one of the largest producers of nickel in the world, with miner Norilsk Nickel the number one producer of top-grade nickel globally. If the metal were added to the sanctions list, it could severely limit its flow to Western suppliers and manufacturers.

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Yahoo Finance | Yahoo Finance UK

Nickel surges to record $100,000 a tonne amid Russia supply concerns

LaToya Harding · Business reporter
Tue, 8 March 2022, 5:09 am·3-min read

Nickel surges to record $100,000 a tonne amid Russia supply concerns

Nickel has skyrocketed above $100,000 (£76,211) a tonne thanks to a short-squeeze on the London Metal Exchange (LME), and supply concerns from Russia.

The price of the commodity, which is used in stainless steel and lithium-ion batteries, more than doubled on Tuesday, following a 70% rise on Monday, with traders with large short positions racing to cover their positions.

Russia is the third largest nickel producer in the world, meaning the current conflict is putting pressure on supply of the commodity. The metal ended last year at $20,757 a tonne, but this week alone Nickel has jumped by as much as $72,000.

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[AlexSFCA]

1. just $1k extra for a car for a chance to stop the war? That's a bargain!

[mahatmakanejeeves]

2. YMMV, so to speak.

Fleet buyers might notice the eentsy-beentsy increase in price.

[underpants]

3. Oh cool! I've got a bunch of nickels at home

A whole jar of them.

[mahatmakanejeeves]

4. Yeah, but they're mostly copper, aren't they? Been that way since, I can't recall. NT

[underpants]

5. Oh

Yeah.

Guess I’m staying at work.

[mahatmakanejeeves]

6. Maybe they're mostly zinc. Or maybe it's pennies that are mostly zinc. I don't know.

I'll wait for facts later. Might as well get the rumor started now.

[OAITW r.2.0]

7. Metal market is going nuts......LME aluminum at 3500/MT today, probably going to $4000 shortly.

Nickel is unbelievable, It's used as a key alloy in a lot of steek grades.