Nickel Hits 11-month High, Enters Bull Market

Posted on March 19, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Since January, when Indonesia went through with its plan to ban unprocessed ore exports, nickel prices have been on the rise due to concerns about the metal’s supply.

Now, another factor is exacerbating those supply concerns and pushing nickel prices up even further. Specifically, London Metal Exchange nickel for three-month delivery yesterday rose to $16,230 per metric ton (MT) after Europe and the United States imposed sanctions on Russia. That’s not only an 11-month high, but also a gain of more than 20 percent since January 9 — “the definition of a bull market,” as per The Wall Street Journal.