The copper in London it rose 0.3% to $ 9,681 per ton, at a start to the day marked by nickel prices, which were trading near their highest in more than two months.
This was due to demand from the electric vehicle battery sector, which reduced stocks in authorized warehouses on the London Metal Exchange (LME).
In other metals, zinc added 0.1% to $ 3,537 a ton; lead was up 0.3% at $ 2,286 a ton; and tin was up 0.5% at $ 40,050.
As reported by Reuters, the benchmark nickel on the LME rose 1% to $ 20,940 a ton, having touched $ 21,165 a ton last week, the highest level since November 24.
“Nickel stocks in LME warehouses are running out because they can be used to make nickel sulfate for electric vehicle batteries,” said Wenyu Yao, an analyst at ING.
Demand for electric vehicles has been particularly strong in China, where Volkswagen, GM, Toyota Motor Corp and Tesla are increasing production.
Meanwhile, production cuts in Europe, due to high energy costs, are expected to drive increases in aluminum prices, which hit $ 2,980 a tonne on Friday, a peak since October 21. On Monday it was up 1.1% at $ 2,946 a tonne.
.
Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
