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Nickel prices break through the USD 19,000 mark

The surge in nickel prices to surpass the USD 19,000 mark showcases the resilience of the market against recent predictions. The imposition of new sanctions by the US and UK against Russian raw materials, including nickel, along with the ban on trading in Russian nickel, aluminum, and copper on major commodity exchanges, has significantly influenced the price hike.

External factors such as political and economic developments, coupled with challenges in nickel ore stocks in Asia and issues with nickel mines in Brazil and New Caledonia, have contributed to this uptrend. Despite initial concerns about a supposed buildup of stocks in LME warehouses, the current inventories remain low, suggesting the potential for prices to climb even higher, possibly exceeding USD 20,000/MT.

Moreover, the reaction in stainless steel prices in Asia indicates the ripple effect of these market dynamics, with prices already seeing an increase and the possibility of further upticks in the near future. This highlights the interconnectedness of various sectors within the commodities market and underscores the importance of monitoring global developments for accurate forecasting and decision-making.

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