Nickel price jumps 30% to 15-year high

Nickel prices jumped 30% to near 15-year highs and aluminum climbed to a record above $4 000/t as fears of major disruptions to supplies due to financial sanctions on Russia fuelled a buying frenzy.

Russia supplies the world with around 10% of its nickel needs mainly for stainless steel and electric vehicle batteries and accounts for about 6% of global production of aluminum, used in the transport, construction and packaging industries. 

Benchmark aluminum on the London Metal Exchange was up 4.1% at $4 006/t at 11:30 GMT, while nickel was up 31.4% at $38 000/t having earlier touched $38 500, the highest since June 2007.

“Price risks are skewed to the upside over the coming month across the metals complex,” said Citi analyst Max Layton, citing supply shortages for metals produced in Russia and Ukraine.
DYNAMIC WEALTH RESEARCH

Analysis and insights into the newest trends and industries shaping the world and your wealth.

The world is more dynamic than at any time in History.
New Markets are opening up. Technology is accelerating. It’s changing everything.

And creating fortunes in the process.

Dynamic Wealth Research exposes the biggest and most profitable changes for our readers.
IMG
SHARE DYNAMIC WEALTH RESEARCH
© 2016 - 2024 DYNAMIC WEALTH RESEARCH, Privacy Policy, Disclaimer