Nickel futures rose to above $20,000 a tonne at the end of November, marching towards a decade high of $21,000 hit on October 20th amid tight supplies, firm demand particularly from the battery industry, and forced spot buying as producers hoard materials for next year. Production has been hit badly in the top producer Philippines due to the rainy season. Meanwhile, inventories at LME warehouses depleted by 130,000 tonnes this year and combined exchange warehouse stocks declined to 143,888 tons, down from 266,091 tons at the start of the year.
