The metal used in stainless steel and lithium-ion batteries rose as
much as 90 per cent to $55,000 a metric ton, the highest in the
35-year history of the contract. That topped a previous record
of $51,800 reached in 2007.
It was a wild day for nickel prices on Monday – reaching $US20 a pound briefly before retreating to $17.32 – still an increase of a little more than $4 a pound compared to Friday.
Russia’s invasion is the main reason behind the dramatic increase in price. Russia supplies around 10 per cent of the world’s nickel, and investors fear that Western sanctions against Russia could disrupt air and sea shipments of commodities produced and exported by Russia, Reuters reported Monday.
Russia’s invasion, which has resulted in more than 1.7 million Ukrainians fleeing abroad, triggered sweeping sanctions by the Canada, the United States and Europe that aim to isolate Russia to a degree never before experienced by such a large economy.
Russia calls its actions in Ukraine a “special operation.” Bloomberg News said nickel surged to a record high in one of the most extreme price moves ever seen on the London Metal Exchange, as fears over Russian supplies leave buyers exposed to a historic squeeze.
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