RE:Waggin the dogAs you are well aware Nickel supply has been stripped by demand and has been moving the price of Nickel up for some time. However it really shot up with that Chinese dude that goes by the nickname "Big Shot" that got way over his head in Short position and lost between 5 to 8 Billion dollars getting his brains squeezed out which caused it to spike to $100,000 per tonne. Funny how the LME shut down Nickel trading and reversed all trades made that day. Why help him out? It seemed f*ckery to me.
Rougly 10% of nickel supply comes from Russia but Russia is supplying 20% of the clean nickel that is required for EV batteries. From what I read no sanctions have been put on Nickel, although that may have changed from last night. The bigger problem is what happens if Putin retaliates and decides he cuts the world off from buying their Nickel? I expect that will happen before we see any sanctions on it. Between this war and inflation commodity fluctuations will get real crazy.
HaulJockey wrote:
Even if the war ends, will the Russian sactions continue?
So they're worried about nickel shortages but allowing oil to be sold because it's needed. But they say we'll use less oil because we're going electric and that's why..., wait, if we're going electric why would we sanction russian nickel and not the oil?
It's okay though because we have lots of oil in North America that we..., oh wait, the US won't produce more oil, they want other countries to do it instead because..., we're going electric?
We want to make electric affordable so we're going to.., wait, the US put sanctions on Russian nickel forcing the price to double so electric won't be affordable anytime soon but we still import Russian oil and pay Russia for it and as a result, the war keeps going on.
You have to ask, who's waggin this dog??