Nickel market stirred by rumors of Nornickel considering production cut by 10% next year
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Update time : 2022-12-21 19:53:10
The LME nickel futures prices surged by US$830 yesterday (December 20), closing at US$28,045/ton, a hike of more than 3% from the previous day.
The trend of international nickel prices was affected by market rumors that Russian nickel ore producer Norilsk Nickel (Nornickel) is considering cutting production by 10% next year as some European buyers will no longer purchase nickel from Russia, which might lead to a surplus of nickel.
Nornickel is the largest mining and metallurgical company in Russia and the largest producer of nickel and palladium in the world, controlling about one-tenth of the global nickel market.
