Mumbai, 22 Feb (Commoditiescontrol):Nickel prices in Shanghai jumped more than 2% on Thursday to a three-week high as traders assessed concerns over global supply with speculation of renewed U.S. sanctions against Russia.
The most-traded nickel futures contract for March delivery on the Shanghai Futures Exchange was up 2.6% at 130,570 yuan ($18,152.37) a metric ton, as of 8.45 AM IST, hitting its highest levels since January 29.
Three-month nickel on the London Metal Exchange retreated 0.3% to $16,885 per ton, having jumped 3.6% in the previous session and posting the biggest daily gain since last November.
U.S. President Joe Biden said Washington plans to unveil a major sanctions package against Moscow on Friday. This could involve metals, which are a major source of revenue for the country.
Russia is a main producer of nickel and aluminium.
Elsewhere, Aluminium on the London Metal Exchange slid 0.2% to $2,216, having hit a three-week high in the prior session, copper was flat at $8,542, zinc was steady at $2,394, lead was unmoved at 0.8% to $2,078 and tin rose 0.3% to $26,370.
The U.S. dollar index held broadly steady as traders awaited a slew of business activity surveys to gauge the health of major economies and what that may mean for the global interest rate outlook.
Aluminium on the Shanghai Futures Exchange slipped 0.6% to 18,780 yuan a ton, while copper was up 0.4% at 69,050 yuan, tin dipped 0.3% to 217,840 yuan, zinc gained 0.2% to 20,385 yuan, while lead ticked 0.3% higher at 15,875 yuan.
(By Commoditiescontrol Bureau; +91-9820130172)
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