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Nickel Rises Quietly

Nickel, which has risen over 103% in the last 3 years, continues to rise in 2022. YTD nickel has already risen 10.1% and is currently trading at $23,504.60 per ton compared to a price of just over $11,700 per ton 3 years ago.

Little attention was paid to this, however, possibly because of the pushing mindset towards electric vehicles when it was promised that batteries for electric vehicles would become cheaper over time. This was supposed to make electric vehicles affordable for everyone, which many are beginning to doubt again, not only because of the increase in the price of vehicles but also because of the increase in electricity prices worldwide.

Indonesia could also play a key role in nickel prices, as a rethink is taking place in the country at the moment. Indonesia, as a key exporter of nickel, wants to boost the economy in its own country by becoming a technology location for future technologies such as components for electric vehicles. To this end, the nickel-rich country should export the raw materials less and instead encourage companies to invest in Indonesia.

This could especially affect the Chinese that receives 84% of their nickel imports from Indonesia.

Shares of the major nickel producers have already gained for the most part.

Vale S.A. (VALE) has started the year on a positive note with a 15.5% YTD gain at $16.18.

Glencore (GLCNF) is up 11.20% YTD at $5.66.

BHP Group (BHP) rose 13.47% YTD to $68.48.

Anglo American (NGLOY) rose 17.30% YTD to $24.14.

Norilsk Nickel (NILSY) of Russia has lost -6.06% YTD and is currently trading at $28.81.

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