London nickel prices more than doubled on Tuesday to cross the $100,000 -a-tonne level for the first time ever, as tension in eastern Europe showed no signs of cooling and growing sanctions against Russia fuelled fears of a disruption in supply.
Three-month nickel on the London Metal Exchange soared 66.5% to $80,025 a tonne. Earlier in the session, the prices shot up nearly 111%, to a record $101,365.
The London Metal Exchange on Tuesday suspended the trading of nickel.
The metal added more than $10,000 to trade at a 15-year high above $40,000 a ton, the biggest-ever daily dollar gain in the 35-year history of the contract.
Which countries produce the most
Nickel is a lustrous, silvery-white metallic element. It is the fifth most common element on earth, however, much of this metal is located within the earth’s core and is therefore inaccessible.
Nickel is usually mined as a metal with greater than 75 per cent purity through ore extraction using processes related to roasting and reduction.
Nickel ore is mined in 23 countries and smelted or refined in 25 countries.
Indonesia is home to 22% of the world’s known nickel reserves, with 21 million tonnes.
It was the leading Nickel producing country (by volume) in 2021, with a Nickel production of 883.8 thousand tonnes, up 16.3% YoY.