Nickel hits highest since 2011
The price of nickel, a key component in stainless steel and electric car batteries, hit the highest level in more than a decade on Monday on Russia-Ukraine tensions and tight supplies. Russia is one of the world’s largest producers of nickel plus other key commodities such as oil, aluminium and palladium. Nickel forged $24,610 per tonne in trading on Monday - the highest level since 2011. The industrial metal later cooled to stand at $24,380 per tonne on the London Metal Exchange, a gain of 1% compared with late Friday. Marex broker Al Munro said nickel was “benefitting from the threat to Russian production” in an already tight market with demand up as economies reopen from pandemic lockdowns. Nickel’s price has jumped 18% since the start of the year. “The Ukraine crisis continues to hang over metal prices,” said Commerzbank analyst Daniel Briesemann.
Published in The Express Tribune, February 22nd, 2022.
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