Nickel futures surged above the $27,500 per tonne level for the first time since May of 2011, as Western sanctions against Russia over its invasion of Ukraine sparked renewed concerns over the metal supply. Along with prospects for loss of supply from the world's third-largest producer, robust demand from the stainless steel and battery and dwindling inventories lent further optimism to the metal bulls. Nickel stocks in LME-registered warehouses have dropped almost 70% since April last year to only 83,328 tonnes.
