From The Aus article this morning, https://www.theaustralian.com.au/business/sabrerattling-over-tariffs-slashes-nickel/news-story/80be4934dee1d075e6e40da15a03b2d2"Recent analysis by Fitch Solutions forecast for nickel prices to rise steadily to $US16,250 a tonne by 2022, with the nickel market to remain in deficit out to 2025.
Fitch forecasts China’s demand for nickel to grow, both through infrastructure development and EVs. Under Fitch’s forecasts, Chinese EV sales are expected to grow 24.1 per cent year on year out to 2027.
Fitch notes China has increased the minimum range at which EV manufacturers can benefit from state subsidies from 100km to 150km — which will increase Chinese nickel demand.
“This is because longer-range EVs need higher nickel content in their battery cathodes,” Fitch said.
Investment bank UBS has identified nickel as its top commodity pick for 2019, given those low nickel inventories and its belief that the trade war fears have been overdone.
UBS’s commodity analysts believe EVs will deliver a “renaissance” for the nickel market, with nickel already used extensively in two of the three dominant battery chemistries for electric vehicles.
Nickel is not used in China’s preferred EV cathode, but UBS is expecting that to change as China focuses its attention on improving the range of its electric cars.
“We think that evolution of the EV battery will start favouring nickel-rich batteries, and with a stronger view on EV vehicle penetration we think demand for the metal will come soon,” UBS said."
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