Over the last couple of days, global nickel prices witnessed a sharp rally over fear of supplies from Russia amid a huge short squeeze. On March 7, 2022, nickel prices witnessed a sharp rally rising a whopping 63% to US$48201/tonne. The rally extended gains on March 8, 2022 also crossing 2005 highs of ~ US$54000/tonne and is currently hovering at the ~US$80000/tonne mark. Overall, in two days, nickel prices have rallied more than 100%. Below is 4 hourly chart in Nickel.
Nickel is currently experiencing one of the sharpest upticks witnessed in any commodity in modern history. Russia is the world’s third largest nickel producer and accounts for ~7% of overall world nickel supplies. The ongoing short squeeze coupled with a supply fears from Russia is fuelling a sharp rally in global nickel prices. In terms of usage, 70% of nickel is used in stainless steel while 7% is used in EVs.
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