courtesy of trading economics
Nickel increased to a near 11-year high of 25557 USD/T, as supply woes intensified amid deepening conflict between Russia and the West over Ukraine. President Joe Biden said that the US is standing with the Ukrainian people and that Russia's Putin will pay a continuing high price over the long run. Being a major producer of nickel, sanctions on Russian companies could lead to major supply disruptions and to further hikes in raw material prices. Meanwhile, analysts said Norilsk Nickel, who produces 7% of world output, was unlikely to be hit by sanctions that target minority shareholder Rusal because these were expected to hit shareholders with majority stake only. Finally, nickel inventories in LME-registered warehouses have dropped 69% since April to 83,328 tonnes as the demand from the stainless steel and battery sectors remains strong.
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