Nickel prices slide on EV and China construction slowdowns

Battery metal in danger of erasing all gains from electric vehicle boom

20241113N Nickel Smelter REUTERS

Workers monitor a nickel smelter in Sorowako, Indonesia. The Southeast Asian country grew nickel production 14% in 2023. © Reuters

SHUGO YAMADA, Nikkei staff writer

TOKYO -- Prices for nickel, one of the highest-profile commodities associated with electric vehicles, have fallen close to a four-year low on weaker-than-expected EV demand and China's real estate downturn.

Nickel has continued to wallow this month after three-month futures touched a roughly two-month low of $15,705 per tonne on the London Metal Exchange on Oct. 31. The closing price of the commodity fell for 14 straight sessions.

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