homevideos Newsmarket Newscommodities NewsNickel hits 11 year peak; here's what's pushing the price higher
Nickel hits 11-year peak; here's what's pushing the price higher
Nickel is in focus, it has gained 28 percent in this year and is trading in positive. Nickel prices are at the levels that have been the highest since June 2011. Its prices are around $26,400 a tonne.
Nickel is in focus, it has gained 28 percent in this year and is trading in positive. Nickel prices are at the levels that have been the highest since June 2011. Its prices are around $26,400 a tonne.
There are concerns about the supply disruption in Russia, markets also have seen a constant decline in deliveries and that has been supportive.
Read Here: Commodities round-up: Gold at 9-month high
10 percent of the global production comes in from Russia and Russia-Ukraine attention escalations clearly have led to concerns about sanctions coming in for some of these nickel companies in Russia and that is where the markets are anticipating some issues.
Goldman Sachs and JP Morgan have come out with a report suggesting that 30,000 to 40,000 tonne of deficit for a nickel could be faced this year. Demand is going to be very strong 4.50 percent of growth is anticipated for this year so the prices clearly have taken cues from that.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.
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First Published: Feb 21, 2022 1:54 PM IST
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