Nickel prices renew run-up towards record high above $50,000 amid supply fears By anilpanchal7 Commodities RiskAppetite Ukraine RussianFederation
10% to $53,000 during Tuesday's Asian session. That said, the metal’s April contract on the Shanghai Futures Exchange refreshed an all-time high of 228,810 yuan a tonne amid the early day trading.
The quote’s latest upside could be linked to the depleting inventories and rising fears of a supply crunch due to the Russia-Ukraine tussles. It’s worth noting that Russia supplies 10% of the global nickel demand, majorly used for stainless steel and electric vehicle batteries. Hence, Russia’s invasion of Ukraine and global sanctions do challenge the major commodity producer, as well as the supply cycle.
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