Nickel led gainers in mixed trading in Chinese metals futures on Tuesday, building on hefty gains in the London market overnight on positive demand signals from the electric vehicle battery market. Nickel, more so than other metals, is attracting investment support amid expectations that demand from the burgeoning sector will increasingly supplement traditional consumption from stainless steel producers.
Commodities trader Glencore estimates a shift of just 10 percent of the global car fleet to electric vehicles would create demand for 400,000 tonnes of nickel, in a 2 million tonne market. The most-traded nickel contract on the Shanghai Futures Exchange ended 1.17 percent higher at 102,930 yuan ($15,538.01) a tonne - just short of Monday's 1-year price peak. ShFE copper closed 0.57 percent higher.
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