A 30% jump – the second largest intra-conference in its history – marks the nickel, as those who held short positions in this metal liquidate their positions, amid fears of a reduction in supply from Russia.
The metal, which is used in stainless steel and lithium-ion batteries, adds $ 8,000 to $ 37,000 a ton in a matter of hours. These are heights to which it has not moved since 2007.
Nickel moved with particular “tightness” in supply and low stocks even before the Russian invasion of Ukraine, as a result of the pandemic crisis.
“The nickel market is at its narrowest point since the commodity cycle in the 2000s,” Citigroup analysts said, adding that prices would continue to fluctuate in the stratosphere for some time.
At 9.18 am Greek time on Monday, according to Bloomberg, nickel in London was trading at $ 37,800 a tonne, up 30.7%.
Source: Capital
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