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Nickel prices rose Friday on a falling U.S. dollar and strong demand from electric vehicle manufacturers.

Nickel jumps over 4% due to weak dollar and strong demand
Nickel jumps over 4% due to weak dollar and strong demand

Nickel praised for its capabilities in electric batteries

Major electric vehicle (EV) manufacturers, led by Tesla and its CEO Elon Musk, praised nickel for its capabilities in electric batteries.

Analysts see further rise in nickel

Analysts see nickel heading for a surge in global demand in the coming years as many car companies turn to electric vehicle manufacturing.

This is thanks to efforts by many countries to combat climate change by reducing carbon dioxide emissions and adopting environmentally friendly measures.

Dollar softens against other currencies

The dollar index fell 0.3% against a basket of major currencies to 90.3 points at 14:28 GMT, after hitting a high of 90.6 points and a low of 90.1 points.

Nickel spot futures up 4.5 percent

Nickel spot futures rose 4.5% to trade at $19541.1 per ton at 14:39 GMT.

Source: economies.com


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