Nickel prices have reached unprecedented highs as the war in Ukraine fuels concerns of supply disruptions for the metal, a key component of EV batteries WSJWhatsNow
Nickel prices roughly doubled to unprecedented highs Tuesday, as the war in Ukraine fueled concerns of supply disruptions for the metal, a key component of electric-vehicle batteries.
The LME said unprecedented overnight increases in nickel prices prompted the halt, which would last at least for the rest of the day. The exchange said it was monitoring the situation in Russia and Ukraine and took the move “on orderly market grounds.” Tuesday’s violent rise bore the hallmarks of a short squeeze, in which investors who have bet on price declines rush to cut losses in a rapidly rising market, analysts said. In this case, a market participant would do that by buying back nickel forward contracts it had previously sold.
The metal is used in steel-making and increasingly in electric vehicle batteries. Sanctions on Russia so far haven’t targeted commodity exports directly, but have nonetheless made shipping firms and traders reluctant to deal in the nation's resources. The U.S. has said it is considering banning imports of Russian oil, fueling concern that metals exports could also be targeted.
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