Under the shortage of supply, the metal may maintain its upward trend.

(Reuters)

[Financial Channel/Comprehensive Report] The prices of metals such as nickel and lithium continue to rise under the deteriorating global economic conditions. Coupled with the increase in demand for electric vehicles, the prices of related metals required for electric vehicle batteries have soared.

Lithium is one of the necessary raw materials for the production of electric vehicle batteries. The "Financial Times" reported in October last year that the price of lithium has soared by about 8 times since 2021; The price of lithium carbonate in China is about 470,000 yuan (about NT$2.09 million) per ton recently, which has dropped from the end of last year, but it is still at a high level.

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Affected by China's relaxation of epidemic prevention restrictions and the decline in nickel ore imports, international nickel prices have soared again. The futures price has exceeded US$30,000 (about NT$920,000) per metric ton, hitting a new high in more than half a month.

As for copper prices, although they continue to fluctuate, they also show a trend of gradually rising. The futures price is about US$8,245 (about NT$253,000) per ton.

"Nikkei News" pointed out that the price increase caused by the shortage of supply should have prompted developers to increase supply. However, Refinitiv analysts expect that mining developers will have less net profit in fiscal year 2024 than in fiscal year 2021. The supply of metals continues to be in short supply.

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