Nickel trading halted on LME as prices go up by almost 80% today

Nickel trading has been halted on London Metal Exchange (LME) on March 8, 2022, as the prices become double in the last two days. Their prices have almost 80% increased today and about 150% increased in 2 days on LME.

Zee Business Managing Director Anil Singhvi and Zee Business Anchor and Research Head Deepanshu Bhandari discussed the reasons in a Tv show.

Talking about the Indian market, Deepanshu said that Nickel prices have jumped 70 percent and broken a 35-year record today because of the Russia-Ukraine conflict. It is 45% up in MCX. Yesterday about 75% move came in intraday and nickel closed at 67% above.

The Managing Director said the increase in prices is not because of high demand but the geopolitical effect. It is not that the demand has increased suddenly. He said demand-supply is low, fear grid factor is high.

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LME पर निकेल की ट्रेडिंग रुकी
LME पर आज निकेल के दाम करीब 80% तक बढ़ गए थे
LME पर 2 दिन में निकेल के दाम करीब 150% तक बढ़े#RussiaUkraineZeeReport | #RussiaUkraineWar | #Nickel pic.twitter.com/JeHuaSBVg3

— Zee Business (@ZeeBusiness) March 8, 2022