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Not All Battery Metals Are Frothy: Nickel Is in Trouble

Lithium prices are through the roof, but not all battery metals are created equal: Nickel prices, which briefly surged following Russia’s invasion of Ukraine, look like the next victim of Europe’s energy woes and looming recession.

The London Metal Exchange’s three-month contract currently trades at $22,782 a metric ton, down from around $34,000 in April following March’s short squeeze, which briefly pushed future prices for the metal, used in stainless steel and batteries, to an intraday high of around $100,000 a metric ton. More pain might be coming: Goldman Sachs expects prices could fall as low as $16,000 in the next few months.