LME nickel prices continue soaring on supply concerns
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Update time : 2022-03-04 20:57:47
The LME nickel futures price closed at US$26,897/ton yesterday (March 3), surging by US$1,018, hitting a new high in 11 years. Besides, the spot price also soared by US$1,093, reaching US$27,582/ton.
The nickel price has risen by US$2,615 in total this month, an increase of 10.8%. The cumulative increase this year has amounted to US$6,140, with a hike of up to 29.6%.
Meanwhile, LME’s market inventory of nickel kept dropping, down by 378 tons yesterday, coming to 77,784 tons. The decrease in March has totaled 2,310 tons
According to market participants, the western countries started to impose financial sanctions on Russia after the Russia-Ukraine conflict.
Moreover, the world’s three container companies have suspended shipping to Russia, which aroused market concerns about supply disruption. Coupled with the continued decline in nickel inventories, the nickel price soared again.
