Nickel prices gained quite strongly to trade at three and a half weeks high on Friday. The prices of the metal are nearly up by nearly 4.5 percent this week, which is the biggest weekly gain in last four weeks. The reason has been the declining inventories in the global markets.
The LME stocks are at December 2019 lows at around 83,000 tonne – this is 10-12 days of global consumption. There are also prospects of sanctions on Russia and amid its tensions with Ukraine, the markets believe there could be some supply concerns and sanctions on Russian companies.
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Norlisk Nickel, a big Russian nickel company that supplies 10 percent of the world nickel supplies, could be looking at some sanctions that could lead to some supply concerns, which is why nickel prices continue to gain.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.
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