(Bloomberg) -- Nickel rose to $25,000 a ton for the first time since 2011, extending a rally driven by dwindling global inventories and concerns that Ukraine tensions could disrupt supplies from key producer Russia.

The metal, used in stainless steel and rechargeable batteries, advanced as much as 3.1% to $25,095 a ton. It’s the top performer on the London Metal Exchange this year, climbing amid a wave of forecasts that supply will fall short of rapidly growing demand from the electric-vehicle industry.

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