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2 Min Read (Reuters) - Chinese battery material maker CNGR Advanced Material Co said on Thursday it would set up a joint venture in Indonesia to produce nickel matte, used to make chemicals for electric car batteries, with a Singapore-based partner. CNGR last month agreed to buy nickel matte - an intermediate product that can be processed into battery-grade nickel - from Tsingshan Holding Group. The surprise deal sent nickel prices plunging as the market sensed concerns of tight nickel supply could be overdone. Now, Changsha-based CNGR is looking to produce matte itself in a $243 million smel...

Tesla gets involved in New Caledonia mine to secure nickel supply Elon Musk at GTC 2015. ( Electric cars maker Tesla (NASDAQ: TSLA) will become a technical adviser at the conflict-ridden New Caledonia nickel mine, as part of the company’s attempt to secure enough supply of the key battery metal, which CEO Elon Musk has singled out as his biggest concern. Political leaders in the French Pacific territory agreed on Thursday to sell a majority stake in Vale’s nickel business to a consortium called Prony, which includes Swiss commodity trader Trafigura. Sign Up for the Battery Metals Digest...

The Commodities Feed: What will OPEC+ do? Energy Looking at the price action in oil yesterday, one wouldn’t think that we saw the largest US crude oil build on record, with stocks increasing by almost 21.6MMbbls over the last week. However, offsetting this large build were significant draw downs in refined product stocks, with the effects of the freezing cold weather conditions that we saw across the US Gulf Coast in February still coming through in the data. Crude oil production is estimated to have started to make a recovery, with it increasing by 500Mbbls/d over the week, whilst similarl...

Nickel's price rally hit a wall this week, with the LME three-month nickel price posting its largest intraday loss since 2016.

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