(Bloomberg) — Nickel surged as much as 62% in one of the most extreme price moves ever seen on the London Metal Exchange, as fears over Russian supplies leave buyers exposed to a historic squeeze. Other base metals also surged, with copper and aluminum touching record highs before gains ebbed.
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Nickel, used in stainless steel and lithium-ion batteries, added more than $17,000 to trade at an almost 15-year high above $40,000 a ton, in the biggest-ever daily dollar gain in the 35-year history of the contract.
The metal’s surge builds on a 19% gain seen last week as banks cut exposure to Russian commodities suppliers and major shippers steered clear of the country’s key ports. Now, as the U.S. weighs a potential ban on Russian oil imports, traders are questioning whether industrial consumers will elect to avoid buying other Russian raw materials, even in the…
