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