Nickel rises on optimism about electric vehicle sales

Nickel prices rose on Friday, amid optimism about the strength of demand for electric vehicles, which benefits nickel as it is one of the major metals used in the electric batteries.

Nickel prices jumped about 70% since hitting the lowest level in March, as analysts bet on increased demand for electric vehicles.

US President Joe Biden announced the US rejoining the Paris agreement on climate change, which includes reducing carbon dioxide emissions and the adoption of environmentally friendly policies.

The dollar index fell against a basket of major currencies by 0.1% to 90.2 points as of 14:34 GMT, after hitting a high of 90.3 points and a low of 90.05 points.

Nickel spot futures rose 0.1% to trade at $18,039.7 per tonne as of 14:35 GMT.