LME nickel prices soar on Mar 1 on concerns of interrupted supply
Views : 311
Update time : 2022-03-02 21:16:57
The LME nickel futures price surged yesterday (March 1). The highest intraday hit US$25,400/ton, a new high since May 2011. The price was up greatly by US$821, closing at US$25,103/ton. The spot price also soared by US$896 to US$25,557/ton.
The nickel price has risen by US$4,346 in total this year, an increase of 21%.
Meanwhile, LME’s market inventory of nickel dropped by 570 tons yesterday, coming to 79,524 tons.
According to market participants, after the Russian-Ukrainian military conflict, the West banned Russia from using the SWIFT payment system, arousing market concerns about supply disruptions. Besides, due to the continued decrease in market inventories, nickel prices were driven to surge.
