Nickel and aluminum prices rose to multi-year highs on Tuesday, driven by concerns over supply disruption from Russia as tensions escalate in Eastern Europe.
Russian President Vladimir Putin ordered the deployment of troops to two breakaway regions in eastern Ukraine after recognizing them as independent on Monday, accelerating a crisis the West fears could lead to a major war.
The United States and European countries had threatened to impose sanctions on Russia, a major producer of nickel and aluminum, if it invaded Ukraine.
Three-month nickel on the London Metal Exchange was up 0.4 percent at $24,445 a ton, after earlier hitting $24,700, the highest since August 2011. – Reuters
Author
- Advertisement -
