The speculative fever for electric-car metals is pushing to nearly four-year highs prices for nickel — a key ingredient in stainless steel.
Nickel is the top industrial metal and among the best-performing assets of 2018, with futures contracts on the London Metal Exchange up 21%, as battery manufacturers, mostly in China, and investors across the world hoard the metal in anticipation of a shortage.
For years, nickel was one of the worst-performing commodities as supply far outpaced demand from industries like auto manufacturing and construction. Its dramatic rally this year is the latest sign of the hype surrounding emerging technologies like car batteries. Continue Reading →