Global commodity trader Trafigura on Friday said it has signed a $140 million investment agreement with Korea Zinc to build an all-in-one nickel refinery in Ulsan, South Korea, and finance its initial working capital.

Negotiators for EU governments and lawmakers reached a deal on Monday on targets for domestic supply of critical minerals such as lithium and nickel to reduce its reliance on third countries, principally China.

The London Metal Exchange (LME) said on Friday it had received an new application to list a Chinese nickel brand, as it seeks to boost liquidity in its nickel contract.

The London Metal Exchange (LE) has launched new collaboration with its Chinese rival, the Shanghai Futures Exchange, LME chief executive Matthew Chamberlain said on October 10.

According to sources, a new Singapore-based commodities exchange, preparing to roll-out a futures contract for nickel used in electric vehicles (EVs), also aims to add contracts for other metals used in EV batteries.

The global nickel market had a surplus of 28,600 metric tons in July, compared with a surplus of 15,900 tons in the same month last year, data from the International Nickel Study Group (INSG) showed on Thursday.

Vale Base Metals has committed nearly $9-billion for investment in Indonesia, including for its development of high-pressure acid leaching (HPAL) plants for nickel, chief executive Deshnee Naidoo said on Thursday.

Major Chinese nickel maker Tsingshan Group has started commercial production of refined nickel in Indonesia, three sources familiar with the production told Reuters on Monday.