BEIJING- Shanghai nickel prices jumped more than 2 percent on Thursday to a three-week high as traders assessed concerns over global supply with speculation of renewed US sanctions against Russia.
The most-traded March nickel contract on the Shanghai Futures Exchange was up 2.6 percent at 130,570 yuan ($18,152.37) a metric ton, hitting its highest levels since Jan. 29.
Three-month nickel on the London Metal Exchange retreated 0.3 percent to $16,885 per ton, having jumped 3.6 percent in the previous session and posting the biggest daily gain since last November.
US President Joe Biden said Washington plans to unveil a major sanctions package against Moscow on Friday. This could involve metals, which are a major source of revenue for the country.
Russia is a main producer of nickel and aluminum.
Elsewhere, LME aluminum slid 0.2 percent to $2,216, having hit a three-week high in the prior session, copper was flat at $8,542, zinc was steady at $2,394, lead was unmoved at 0.8 percent to $2,078 and tin rose 0.3 percent to $26,370.
The dollar index held broadly steady as traders awaited a slew of business activity surveys to gauge the health of major economies and what that may mean for the global interest rate outlook.
SHFE aluminum slipped 0.6 percent to 18,780 yuan a ton, while copper was up 0.4 percent at 69,050 yuan, tin dipped 0.3 percent to 217,840 yuan, zinc gained 0.2 percent to 20,385 yuan, while lead ticked 0.3 percent higher at 15,875 yuan.
