(Metal) Nickel / Copper prices rise ... Dollar weakness + inventory decrease

(Metal) Nickel / Copper prices rise ... Dollar weakness + inventory decrease


London, Nov. 18 - Nickel and copper prices rose on Thursday (local time). It is the impact that the dollar depreciated. In the week, however, both metals showed a downward trend.

On the London Metal Exchange (LME), nickel rose 1.8 percent to $ 11,572 a tonne. The weekly rate was down 4.4 percent. Copper rose 0.6 percent to $ 6777 a tonne. It fell 0.5% in the week.

For the month, nickel prices peaked in two years. Expectations that nickel will be used in electric vehicle batteries have raised nickel prices. However, since then inventory has increased and nickel prices have fallen.
In the LME warehouse, on-warrant copper inventories fell 6925 metric tons to 142,950 metric tons. Nickel inventory fell 7302 tonnes to 246 650 tonnes.
Wood McKinsey, a consulting firm, predicts that nickel demand for electric vehicle batteries will increase to about 220,000 tonnes by 2025. Last year demand was about 40,000 tons.

German automaker Volkswagen said it will invest 340 billion euros ($ 40 billion) in electric cars, autonomous vehicles and new car services by 2022.
The dollar index, the value of the dollar against the currencies of the six major nations, was the lowest in four weeks. The Wall Street Journal reported that the US authorities, which are investigating Russian involvement in the US presidential election last year, demanded more data from Trump 's presidential campaign.

Copper producer Freeport MacMorran has been using fire in a port in Papua, Indonesia. Freeport McMoran said the accident would not affect exports.
BHP Billiton, a mining company, said it is looking for companies interested in buying Australia's nickel business.

In the LME, aluminum was priced at $ 2103 / tonne, There was no significant change in the week. Aluminum prices rose 24% this year due to China's cutbacks in production facilities and the drop in inventory at LME warehouses.
Lead increased 1.2 percent to $ 2432 per ton. Tongs rose 0.6 percent to $ 19,475 per ton.

Zinc rose 1.1 percent to $ 3179 a tonne.

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