Nickel rose to the highest level in more than two years

Nickel rose to the highest level in more than two years, including Trafigura Group, traders said they expect the electric car industry demand for nickel will increase significantly.

In an interview, Trafigura’s chief economist Saad Rahim said that the demand for nickel sulfate, a key raw material for nickel-ion batteries, is expected to grow 50 percent to 3 million tons by 2030. Glencore also expressed similar optimism. Rahim said that the future of the battery may be used more nickel, less cobalt.

Morgan Stanley analysts said this month that an increasing supply gap would ease long-term oversupply and support higher prices.

London Metal Exchange (LME) three-month nickel rose 5.3%, the settlement price of USD 12,295 per ton, which is the highest gains since November 7 last year; and even touched USD 12565 in June 2015 the highest level.