Mumbai, 23 Feb (Commoditiescontrol): Shanghai nickel prices extended their rally on Friday, reaching a three-month high fueled by supply concerns over potential U.S. sanctions on Russian metals. A weakening dollar further bolstered the market.
The most-traded March nickel contract on the Shanghai Futures Exchange jumped 5.1% to 136,500 yuan ($18,973.35) per metric ton, its highest level since November 20th. On the London Metal Exchange, three-month nickel rose 0.3% to $17,450 per ton, maintaining its position near 14-week highs amid short-covering.
Speculation is rising that U.S. President Joe Biden's planned announcement of a major sanctions package against Moscow on Friday could target Russian metals. Russia is a significant producer of refined nickel, palladium, and aluminium, and sanctions could disrupt supply chains.
A weaker U.S. dollar also supported metal prices. A weaker dollar makes commodities priced in dollars more affordable for holders of other currencies. The dollar index remained largely unchanged on Friday following declines in recent sessions, as investors await economic data for signals on the timing of potential Federal Reserve interest rate cuts.
(By Commoditiescontrol Bureau; +91-9820130172)
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