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Nickel Price Decline: Nickel futures have fallen below the $19,700 per tonne mark, moving closer to a 13-month low of $15,000 recorded in mid-August. This decline in nickel prices is due to several factors.

EV Demand Slowdown: The demand for electric vehicles (EVs) has experienced a slowdown, contributing to the pressure on nickel prices. This slowdown is attributed to reduced consumer spending on EVs, driven by concerns over China's weak macroeconomic data.

Battery Stockpiles: Increased battery stockpiles have added to the challenges in the nickel market. Manufacturers have accumulated excess battery inventories, resulting in reduced demand for nickel, a key component in batteries for EVs.

Decline in Battery Prices: Battery prices saw a significant 10% reduction in August. This decline in prices has led battery manufacturers to cut back on their input purchases as their inventories became well-stocked, and prior government subsidies began to dwindle.

Lithium-Ion Dominance: The discovery of a substantial lithium deposit in the United States has further bolstered the dominance of lithium-ion batteries in the EV market, potentially surpassing nickel-based alternatives

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