A business news report today noted that in the last three days the price of nickel has doubled each day, from $25k per ton to $50k and then to $100k per ton.
In an unprecedented response, the London Metal Exchange has for the first time suspended trading in the metal.
The first doubling essentially added $2k to the price of a Tesla.
There was no comment on how this would affect the price of electricity via the renewables programme.
Russia has 10% of world nickel production and 7% of the reserves.
I'm sure if the price holds above the $25k figure for long, indonesia/philippines etc will be incentivised to step-up production ...
This was mentioned in the report. Apparently Indonesia had passed a law making it mandatory to export the metal rather than he ore, the problem being that at present they don't have the industrial processes in place to accomplish that...
There used to be a hike in prices every four years, when Aussie nickel miners' wages were reviewed and they went on strike. While Australia is no longer the top producer, they do have some of the largest nickel reserves in the world and this could prompt them to reopen some of the mines that closed after the last price slump.
Those eco-loons who bought EVs are going to regret doing so pretty soon if they aren't already.
Not really, just means the cars scrap value has just increased by $2k
The $100k figure isn't "real" it's the result of short-sellers being caught out, yes they really did have to pay that price to get out of even higher losses, but anyone who actually wants to buy nickel metal, rather than buy themselves out of a hole likely won't pay the price.
Allegedly a lot of the movement was due to traders gambling on the price and then having to unwind their position.
Or something similar.
Cheers
Dave R
If they have already bought one, they are probably pleased the resale value has just increased...
You'd have thought with the madman Putin in charge of so much of the worlds hydrocarbon supplies, even the like of Doom would see the need to go to alternatives.
Yeah, it?s especially tragic given the way petrol and diesel prices are plummeting.
Tim
I've got this self-digging hole, would you like to invest in it? Sounds like a boat, or a horse!
I think the coast off Brazil and Venezuela has the largest reserves, mostly untapped at the moment.
Expect a rash of thefts ...
It says in my paper that Which? did an analysis. The extra cost of an Electric MINI will take 10.5 years to recoup in saved fuel, servicing etc.
Andy
It's avery expensive little car.
Wonder how that has changed along with fuel prices?
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