The battery metal reached $US18,612 ($24,057) per tonne this week, the highest price since it hit $US19,380 on September 5 2014.

According to Roskill’s nickel outlook to 2030, nickel is predicted to recover through 2021 as COVID-19 vaccines roll out and stimulus packages materialise.

Roskill stated nickel’s positive outlook is also a result of growing demand for batteries, particularly for use in electronic vehicles (EV)

“Batteries will find a growing market share for nickel over the next decade, although this currently represents a small proportion of nickel consumption,” Roskill stated.

The price spike follows India’s Chief Minister of Karnataka, B.S. Yediyurappa’s announcement that the state will become home to a new Tesla manufacturing factory in India.

Tesla chief executive officer Elon Musk previously confirmed via Twitter in October 2020, that the EV company would reach Indian shores in 2021.

Nickel miner IGO’s share price has reached $6.94 at the time of writing, up from $6.73 on Tuesday.