Nickel rally fragile as looming supply cools battery dreams

Shanghai

FORGET electric vehicles for now. Nickel must first contend with a new wave of supply from Indonesia and the Philippines, as well as a Chinese stainless steel market that's at risk of slowing after a two-year boom.

The metal climbed to the highest level this month since June 2015, lifted by predictions of a jump in demand from electric vehicles. But prices have since retreated as the boost from n…