Ni had an intraday high of US$30960 per tonne, before closing at $29066- very strong price..
This strong Ni price growth in 2022, better than all other base metals, bodes well for QPM -its future Ni sulphates are becoming much more valuable.
There have been economic slowdowns in 2022 (eg China, mainly due to covid lockdowns & new property building collapse= less need for steel making, which requires Ni), & building activity is quiet. It can be assumed, IMO, the EV battery boom is a leading cause for Ni demand/price growth in 2022- EV & Ni demand will, obviously, continue to boom.Fastmarkets C. Perry said"This significant surge in the nickel price has come on markedly low volumes, with just 1,045 lots traded.
There was a notable emergence of strike call options on the LME for $40,000-50,000 per tonne for December 2022, raising concerns that the nickel market could be pushed through a period of further volatility in what has already been an extraordinary year.
The shift higher was notable for the absence of news as a driving force.
“Nickel stood out as the only base metal that still has its March-like vicious rally, with double digit gains,” Fastmarkets analyst Andy Farida said on Monday.
“Despite the sharp spike in the nickel price, we are unsure what was the major catalyst that brought about the move. The US Dollar Index appears to have found support near 106.50 and there is a relatively light schedule of economic data this week,” he added".
https://www.fastmarkets.com/insights/lme-nickel-price-soars-narrowly-avoids-disruption-event-as-base-metals-futures-mostly-rise
