LIVE FUTURES REPORT 04/01: LME nickel price up 4.8%, tin surpasses $21,000/t

January 05, 2021 / www.metalbulletin.com / Article Link

The London Metal Exchange three-month nickel price had the biggest rise of 4.8% and tin crossed the $21,000 per tonne mark for the first time since April 2019 in an upbeat start to the year for the entire complex on Monday January 4, where all forward prices rose by more than 1%.

Nickel's price closed on Monday at 5pm $17,404 per tonne after closing last year at $16,613 per tonne. Nickel's rising price could be attributed to recent news around electric vehicles, of which the metal's by-product nickel sulphate is a key element for batteries.

Electric vehicle maker Tesla said on Saturday that it had sold just short of 500,000 cars in 2020.

The nickel price surged to a daily high of $17,520 per tonne during early trading, which surpassed a 5.5%...

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