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Nickel Price Surge

[Marshall]

(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.

[Marshall]

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