Nickel receives strong demand from electric car manufacturers

Nickel prices rose on Wednesday even as the dollar gained ground as well against a basket of major rivals, amid demand from electric car manufacturers. 

More car manufacturers are seeking to secure nickel supplies and other metals crucial for manufacturing electric batteries such as cobalt and lithium.

Such demand is expected to buoy and underpin nickel prices and other industrial metals despite concerns about a global recession.

Nickel is used rather extensively in steel manufacturing and and electronics and other heavy industries. 

The dollar index rose 0.6% as of 13:50 GMT to 112.8, with a session-high at 112.9, and a low at 111.9.

Spot nickel prices rose 0.4%, or $81 as of 14:01 GMT to $21,494 a tone.