Nickel price hits decade high as Ukraine tensions fuel supply concerns
February 23, 2022
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Nickel rose to $25,000 a ton for the first time since 2011, extending a rally driven by dwindling global inventories and concerns that Ukraine tensions could disrupt supplies from key producer Russia.
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Nickel is “one of the main commodities linked to Russia given their importance to supply,” said Ryan McKay, commodity strategist at TD Securities. “So the latest events keep supply risk for the metal particularly high, especially as inventories are already at very low levels.”
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Nickel inventories on the LME have fallen to the lowest since 2019 with a steep backwardation — when cash prices are much higher than futures — pointing to very tight fundamentals. Stockpiles continued to fall on Tuesday.
Bloomberg