Falling production, increasing demand push nickel prices to a nine-month high – by Darren MacDonald (CTV News Northern Ontario – August 27, 2020)

https://northernontario.ctvnews.ca/

SUDBURY — Following Telsa’s Elon Musk recent call for the world to produce more nickel, prices for the metal reached US$6.85 a pound this week, up from US$5 in March and their highest level since November 2019.

In addition to expected demand for nickel as more electric cars are built, a story on the website Mining.com said nickel production has been falling, adding pressure to prices.

“The Lisbon-based International Nickel Study Group reports global mined nickel fell 7.7 per cent in June compared to the same month last year, which still counts as something of an improvement from the sharp falls in April and May,” the story said.

“Year to date production has fallen by more than 10 per cent to 1.1 million tonnes due to covid-19 related disruptions in major producing regions including Philippines (-28 percent drop in output year-on-year), Canada (-19 per cent) and Indonesia (-11 per cent).”

For the rest of this article: https://northernontario.ctvnews.ca/falling-production-increasing-demand-push-nickel-prices-to-a-nine-month-high-1.5082140

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