The price of nickel, necessary for batteries, continues today its crazy upward trajectory: it set a new record. It broke – briefly – the $100.000 per tonne barrier in international commodity markets for the first time in history. Investors do not rule out the possibility that Russia will soon be unable to export its production.
The Chronicles
Around 09:00 (Greece time), the price of nickel registered a rise higher than 70%, to 82.195 dollars per ton. It reached its all-time high of $101.365 a ton after 08:00. He had already set a record the day before.
The causes of the rise
Markets have been in a frenzy ahead of the unpredictable economic impact of the war in Ukraine, sparking a flare-up in commodity prices and shocks.
While all metals have seen their prices rise since the start of this week, nickel, which is used in particular to make electric car batteries, with Russia being one of its biggest exporters, is soaring.
Consequence of sanctions
"Russia is the third largest producer of nickel in the world and the largest producer of primary nickel products, such as refined nickel, which is essential for electric car batteries," recalls OFI AM analyst Benjamin Louvet.
After the war
"For now, the main (including Russian) metals-producing companies have been spared sanctions, but many of the companies in this sector are run by oligarchs close to Vladimir Putin," he continued.
"The impact" of sanctions on them "could prove to be significant, as 37% of Russian exports are destined for the Netherlands and 16% for Germany," he added.
Instead of an epilogue
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