Mubasher: Nickel prices for forward contracts jumped by 17% during Tuesday’s trades to $11,725 per tonne on expectations of higher demand for the metal.
Mining analysts said that battery manufacturers were shifting to nickel progressively, as they look to increasing electric car sales.
Tesla uses lithium batteries that contain nickel to maintain the charging of its electric cars as long as possible.
Major producers of high-quality nickel including Broken Hill Proprietary (BHP) seek to conduct long-term supply contracts with battery producers.
