Russia’s invasion of Ukraine to impact global aluminum supply; nickel prices surge – by Staff (S&P Global – February 24, 2022)

Russia’s invasion of Ukraine is expected to have a significant impact on global aluminum supply and prices, while the news sent nickel prices on the Shanghai Futures Exchange to a historic high Feb. 24.

The most-active nickel contract traded on the Shanghai Futures Exchange hit a historic high Feb. 24 as markets remain concerned about available inventories and export flow into China.

The nickel contract for April delivery closed at an all-time high of Yuan 179,540/mt ($28,396.8/mt) Feb. 24, up 2.46% from the previous close and 26.1% higher from a year earlier, SHFE data showed.

Meanwhile, the most-active aluminum contract for April delivery on the SHFE extended its stay above the crucial level of Yuan 22,000/mt, closing at Yuan 22,950/mt Feb. 24, up 0.6% from the previous close, SHFE data showed.

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