Nickel futures rose above the $17,000 per tonne mark, the highest level in over three months, as concerns over supply prospects surfaced after US pledged to expand sanctions on major producer Russia. US President Joe Biden stated that Washington would unveil a package of sanctions against Kremlin on Friday, which could target country's major source of revenue. However, the fundamental picture for the commodity remained bearish, with the supply projected to surpass demand by 239,000 metric tons in 2024 amid weaker-than-anticipated growth in electric vehicle adoption and challenging economic recovery in top consumer China. Meanwhile, Australia, key player in the nickel industry, has rolled out stimulus measures and added nickel on Critical Minerals List to support local producers, following a series of shutdowns at mining plants.
Source - tradingeconomics.com
Nickel futures rose above the $17,000 per tonne mark, the...
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