https://www.miningweekly.com
Aluminium|Copper
Aluminium|Copper
aluminium|copper

London nickel hits highest in over a decade as supply tightens

21st February 2022

By: Reuters

  

Font size: - +

London nickel prices rose on Monday to their highest in more than a decade, boosted by low inventories, while investors were cautious over the Ukraine tensions.

US President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine, the French leader said, offering a possible path out of one of the most dangerous European crises in decades. 

Three-month nickel on the London Metal Exchange CMNI3 was up 0.8% at $24 335 a tonne, as of 07:15 GMT, after hitting $24 545 - its highest since August 2011.

The most-traded March nickel contract on the Shanghai Futures Exchange closed up 1.6% at 179 530 yuan ($28 359.53) a tonne, having earlier hit its highest in nearly a month.

"Strong sales in electric vehicles are favouring demand for battery materials, including nickel," analysts at ANZ said in a note, adding the ongoing Ukraine-Russia tension and consequent supply risk are adding to spread volatility. 

The premium for cash nickel over the three-month contract MNI0-3 rose to $465 a tonne on Friday, suggesting tightness in nearby supplies. Nickel stocks in LME-registered warehouses MNISTX-TOTAL have fallen about 69% since April last year to 83,328 tonnes.

FUNDAMENTALS
* LME copper CMCU3 edged up 0.2% to $9 973 a tonne, aluminium eased 0.1% to $3 259.5, lead CMPB3 fell 1.1% to $2 322.5, zinc inched 0.1% higher to $3 579 and tin fell 0.3% to $44 000.

* ShFE copper eased 0.1% to 71 460 yuan a tonne, aluminium fell 0.6% to 22 595 yuan, zinc shed 1.2% to 24 845 yuan, lead was down 0.7% at 15 385 yuan and tin rose 0.4% to 338 500 yuan.

* Data last week showed copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 27.9% to 136 300 tonnes from the previous week.

 

Edited by Reuters

Comments

Showroom

Hanna Instruments Image
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

On-The-Air (17/05/2024)
On-The-Air (17/05/2024)
17th May 2024 By: Martin Creamer
Magazine round up | 10 May 2024
Magazine round up | 17 May 2024
17th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.235 0.27s - 89pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: