Russia's consideration of restricting exports of nickel, uranium, and titanium in response to Western sanctions imposed due to the Ukraine war has driven up nickel prices. Additionally, the possibility of the U.S. Federal Reserve lowering interest rates has led to a general increase in the prices of major metals.
On Thursday, the London Metal Exchange (LME) nickel price rose by 0.6% to 16,200 USD/ton, reaching its highest level since September 4. Nickel prices on the Shanghai Futures Exchange (SHFE) increased by 3% to 17.444 USD/ton.
Russia's proposed restrictions could turn the current 100,000-ton surplus of nickel into a significant shortage in the 2024/25 period. Last year, Russia is reported to have sold 100,990 tons of nickel to international markets.
According to data more than one-fifth of the nickel stocks registered with the LME are of Russian origins.
Yorumlar
Henüz yorum yapılmadı