Glencore sees nickel in best shape in decade before EVs take off

Glencore is seeing the best market conditions for nickel in at least a decade, and electric cars are barely playing a part yet. The miner and trading giant expects nickel’s 2017 deficit at 170 000 metric tons -- one of the biggest in years and more than most market estimates – to be driven by a 9% demand increase from the steel industry, the top user. The market is tightening amid falling stockpiles and rising premiums for physical deliveries, said Owen Gibbs, a senior nickel trader at Glencore.