Nickel prices soar to a record $100,000 a tonne forcing London Metal Exchange to suspend trading
Russia, which invaded its neighbour Ukraine 13 days ago, is a major producer of nickel, a metal used to make stainless steel and batteries for electric vehicles.
"We suspect that a so-called short squeeze is partly responsible for the extraordinary price surge, in addition to the concerns about supply," said Commerzbank analyst Daniel Briesemann."Some market participants who had been betting on falling prices were clearly surprised and wrong-footed by the price upswing and momentum since Russia's invasion of Ukraine."
Russia, which invaded its neighbour Ukraine 13 days ago, is a major producer of the metal used to make stainless steel and batteries for electric vehicles.