Nickel prices soar 90% to new record high on worries about shortages from major supplier Russia
Nickel prices in London leapt 90% during last Monday's session, sending prices above $55,000 a metric ton.
Prices surged on concerns that Russia's nickel production will be disrupted during Moscow's invasion of Ukraine.
Russia is the world's third-largest nickel producer, and the metal is used in key technologies like EV batteries.
Nickel prices in London logged a record surge last Monday amid escalating concerns that production in Russia will be disrupted in the wake of Moscow's invasion of Ukraine.
The three-month nickel contract leapt 90% to trade above $55,000 a metric ton on the London Metal Exchange, according to pricing from Bloomberg. That marks a new all-time high, and the jump of more than $26,000 marked the biggest single-day dollar gain ever.
Russia is the world's third-largest nickel producer, according to the US Geological Survey, with roughly two-thirds of global nickel production used to make stainless steel. Nickel is also key in the growing market for batteries used in electric vehicles.
Nickel, alongside prices for oil, wheat, natural gas, and other commodities, have soared following Russia's attack on Ukraine nearly two weeks ago, with the military action prompting sanctions against Russia by the US and its Western allies.
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