Nickel rises as Tesla gets into mining
Economies.com
2021-03-08 14:38PM UTC
Nickel prices rose on Monday, despite the US dollar's rise against its major peers, thanks to expected strong demand from the electric car maker, Tesla.
Reuters reported that Tesla has signed an agreement with a Brazilian mining company to acquire a stake in the Goro mine to secure its long-term supply.
CEO of Tesla has betted on nickel as a promising and reliable metal in increasing production of the battery industry.
The dollar index rose against a basket of currencies by 0.3% to 92.2 points as of 14:25 GMT, after it hit a high of 92.3 points and a low of 91.8 points.
As of 14:36 GMT, nickel spot futures rose 1.3% to $16,349 per tonne.
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