Due to concerns over Russia's supply, the nickel price once soared by 90% to US$55,000/ton on Monday (March 7), the highest record in the 35-year history and also one of the most extreme price swings in history.

Liquidity in the nickel market deteriorated sharply overnight, sellers leaving the market and holders of short positions rushing to close their positions, leading to a surge in prices.

The soared nickel price is just part of a turbulent start to the week in energy and commodity markets. Copper and aluminum trade are at record highs in both Asia and London due to the ongoing Russian-Ukrainian war. Soaring oil prices and worries over supply shocks roiled raw materials markets.