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Nickel Stocks Drop Nearly 30%, Lowest Since January 2020
Publish date: 07 Oct 2021, Author : fpesbsi
 

The supply of nickel at the LME (London Metal Exchange) warehouse in September 2021 reached the lowest level since January 2020. The shortage of supply made the price of this commodity move up.

Compiled from West Metal, the average supply of nickel metal in September 2021 is 185,100 tons. Nickel inventories have fallen for the fifth month in a row and recorded a decline of 28.84% since April 2021.

The scarcity of nickel supplies and high demand made nickel prices hit a record high since 2014 at the end of last week"s trading. The demand for nickel increases in line with the increasing demand for nickel as a raw material for electric car batteries amid rising global electric car sales.

Citing the latest Canalys report, world electric car sales in the first half of 2021 were 2.6 million units. Up 160% compared to the first semester of 2020.

 

Photo: Doc Antam

The International Energy Agency (IEA) in its report predicts that by 2030 the use of electric vehicles is expected to increase to 22 million units, or an increase of 850.9% compared to 2020. This is supported by the commitment of several countries to reduce carbon emissions, and the expectation of a downward trend in electric car prices. in the future.

Meanwhile, launching the EV Metal Index data, the metal value of electric car batteries in June 2021 rose 237% year-on-year (yoy). Compared to the previous month, the metal value of electric car batteries rose 36% in June 2021. This means that the metal production of electric car batteries in the first half of 2021 increased rapidly compared to 2020.

For information, the EV Metal Index is an index that measures the value of metals used to make electric car batteries around the world.

"The demand side is quite strong and supply is limited due to previous lockdowns, especially in places like Indonesia." said independent analyst Robin Bhar, quoted from Kitco.com. Bhar predicts that nickel prices could rise above the 2014 high of US$ 21,625/ton. (Source: CNBC Indonesia - )