Prices of rare earth metals used for battery making have soared in recent days as the parabolic growth in the electrification of vehicles forces automakers to lock in supplies.
Nickel, one of the key components in lithium-ion batteries, hit a seven-year high on Tuesday, rising as much as 3.4% to $21,500 a ton on the news that Tesla signed a nickel supply deal with Talon Metals Corp's Tamarack mine project in Minnesota.
Notice how nickel trading on the London Metal Exchange marches higher as stockpiles continue to slump on increasing demand due to accelerated electric car production.