Nickel rises on Tesla's talks to secure supply
Nickel prices rose on Monday, lifted by reports that the electric vehicles manufacturer "Tesla" is in talks to secure a nickel supply deal to use in manufacturing EV batteries.
Tesla started negotiations with the Canadian mining firm Giga Metals to secure its supply of low-carbon nickel.
Tesla CEO Elon Musk also said the company had already contacted other miners to increase its nickel supply.
Musk emphasized on various occasions that nickel is preferred because it is efficient and also environmentally friendly.
Giga Metals has attracted big buyers like Tesla by investing in giant mining projects, which increased its output to 5.2 billion pounds of nickel and 312 million pounds of cobalt.
Nickel spot futures rose 3.5% to $15,269 per tonne as of 14:51 GMT, after closing yesterday at $14,747.
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