Rising nickel prices are a hot subject among traders today and we’re diving into why interest in the precious metal is increasing.
Let’s get right into the nickel prices rising news below!
- The first thing that investors need to know is that prices for nickel are rising alongside increasing demand for the metal.
- Part of that has to do with the rise of electric vehicles (EV), which require nickel for their production.
- In fact, we just saw Talon Metals (OTCMKTS:TLOFF) sign a deal with Tesla (NASDAQ:TSLA) to supply it with nickel concentrate.
- Another factor affecting nickel prices is the diminishing reserve of the metal.
- On-warrant nickel stocks on the market hit 48,846 tons.
- That’s the lowest inventories have been since December 2019.
- As a result, prices are increasing on the London Metal Exchange.
- This has nickel reaching a price of $21,430 per ton.
- That’s the highest the price of the metal has been since May 2014.
Jinrui Futures analysts said the following about nickel prices in a statement obtained by Mining.com.
‘Nickel prices are expected to remain strong in the short-term amid low inventories and destocking expectations, but increasing capacity from Indonesia will curb further increase in the medium- to long-term.”
Here’s how some nickel stocks are reacting to today’s prices.
- PolyMet Mining (NYSE:PLM) stock is up 3.5% as of Tuesday afternoon.
- Haynes International (NASDAQ:HAYN) shares are slipping 3.4% as of this writing.
- Mechel PAO (NYSE:MTL) stock is rising 2.1% this afternoon.
Investors seeking more stock market news will want to keep reading!
InvestorPlace houses all the most recent stock coverage with our daily dives into the market. That includes what’s happening with Gores Guggenheim (NASDAQ:GGPI) stock, Splash Beverage (NYSEAMERICAN:SBEV) stock, as well as Kandi Technologies (NASDAQ:KNDI) shares today. You can learn more at the following links!
More Stock Market News for Tuesday
- GGPI Stock Accelerates as Polestar Hits EV Goals. 6 Things to Know.
- SBEV Stock: The Walmart TapouT Deal That Has Investors Tapping In to Splash Beverage Today
- KNDI Stock: The EV News Sending Kandi Technologies Revving Up Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.