Nickel prices in China hit a record high on Thursday, bolstered by dwindling supplies while demand from stainless steel and electric vehicle battery sectors is expected to remain strong.
The most-traded February nickel contract on the Shanghai Futures Exchange surged 8 percent to a record high of 176,280 yuan ($27,787.32) a ton.
Three-month nickel on the London Metal Exchange jumped 5.4 percent to $24,410 a ton, having earlier hit a high since August 2011.
“Nickel market is seeing supply squeeze amid emerging supply concerns from Indonesia.
The country looks serious about building processing and refining capacity, so export levy on nickel products could be a possibility this year,” said ANZ analyst Soni Kumari. — Reuters
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