excalibur
Diamond Member
- Mar 19, 2015
- 18,218
- 34,583
- 2,290
Beholden to Russia, virtual slave labor in the Congo, the CCP, for certain minerals for the stupid windmills, and other green energy hoaxes.
https://.cnbc.com/2022/03/08/russia-nickel-trading-suspended-in-london-after-prices-hit-100000.html
...
Three-month nickel on the London Metal Exchange briefly jumped to a record high above $100,000 per metric ton on Tuesday, before paring some gains.
Alongside energy, Russia is a key producer and exporter of metals and grains. Indeed, Russia is the world’s third-largest producer of nickel — a key ingredient in stainless steel and a major component in lithium-ion batteries.
‘A very dangerous market’
Metal prices have soared as banks have cut their exposure to Russian commodities and as shipping giants avoid the country’s key ports.
Markets were already tight ahead of Moscow’s invasion of Ukraine, meaning there’s little ability to absorb any output cuts.
Ole Hansen, head of commodity strategy at Saxo Bank, described the surge in nickel prices as “absolutely crazy.”
“It is a very dangerous market right now because this is a market that is not driven by supply and demand, it is driven by fear,” Hansen told CNBC’S “Squawk Box Europe” on Tuesday.
...
Three-month nickel on the London Metal Exchange briefly jumped to a record high above $100,000 per metric ton on Tuesday, before paring some gains.
Alongside energy, Russia is a key producer and exporter of metals and grains. Indeed, Russia is the world’s third-largest producer of nickel — a key ingredient in stainless steel and a major component in lithium-ion batteries.
‘A very dangerous market’
Metal prices have soared as banks have cut their exposure to Russian commodities and as shipping giants avoid the country’s key ports.
Markets were already tight ahead of Moscow’s invasion of Ukraine, meaning there’s little ability to absorb any output cuts.
Ole Hansen, head of commodity strategy at Saxo Bank, described the surge in nickel prices as “absolutely crazy.”
“It is a very dangerous market right now because this is a market that is not driven by supply and demand, it is driven by fear,” Hansen told CNBC’S “Squawk Box Europe” on Tuesday.
...
https://.cnbc.com/2022/03/08/russia-nickel-trading-suspended-in-london-after-prices-hit-100000.html
