By Tyler Durden | 7 March 2022
ZERO HEDGE — Nickel prices soared as much as 82% to $52,700 a metric ton, the highest in the 35-year history of the contract trading on the London Metal Exchange, as fears over Russian supplies triggered a historic short squeeze according to Bloomberg.
The metal added more than $22,700 to trade at a record-high $52,700 a metric ton. That builds on nickel’s 19% surge last week as banks cut exposure to Russian commodity suppliers because of Western sanctions and shippers, such as Maersk, stay clear of Russian and Ukrainian ports.
“Commodity markets are increasingly pricing in a scenario under which a significant portion of Russian supply will be excluded from the market,” Morgan Stanley wrote in a note.
“Prices are likely to remain highly volatile, until the real supply impact becomes clearer and prices can start to settle at a new equilibrium,” analysts at the bank said.
Citigroup analysts said, “the nickel market is the tightest it has been since the commodity supercycle during the 2000s.” […]
A Nickle-based chemical component is Udimet-700, used for O-Rings for Nuclear Grade Materials Containment. Sounds like UK-Friendlies are getting ready for the possibility of Russia’s FOAB. God Help US All if this is so.
Biden is a curse on humanity. Everything this imbecile and his criminal administration does damages the Republic and hurts citizens and legal residents to whom this country belongs.