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Nickel Prices Keep Slumping Even as Mines Close
Nickel continued its slump, heading toward the lowest level in more than three years, even as the collapse in prices for the metal force mines to shutter. The metal used in stainless steel and electric-vehicle batteries is down more than 40% from a year ago amid a growing global glut. The market has been flooded with a wave of new material from top producer Indonesia at a time when demand growth has faded. Nickel fell as much as 0.7% to $15,920 a ton on Monday, the lowest since Jan. 5. A close at that level would be the lowest since November 2020. The impact on the mining industry has been brutal. On Monday, ... (full story)