SINGAPORE- Shanghai nickel prices climbed 17 percent on Thursday, gaining by their daily limit, while London aluminum rose for a second session as disruptions from the Russia-Ukraine conflict and higher energy costs triggered concerns over global supply.
The most-active nickel contract on the Shanghai Futures Exchange rose 17 percent, rising by its daily limit to 233,710 yuan ($36,666.14) per ton.
Three-month aluminum London Metal Exchange (LME) added 0.2 percent to $3,659.50 a ton and Shanghai aluminum gained 1.1 percent at 23,245 yuan a ton.
“Russia’s threat to accept on roubles for natural gas raised concerns that metals may also be caught up on this edict,” ANZ said in a note.
“The London Metal Exchange is also said to be discussing whether it should still accept Russian metal in its warehouses and be delivered against contracts.” — Reuters
