METALS-Shanghai nickel at 3-week high as potential sanctions on Russia lift supply fears

Credit: REUTERS/JUAN CARLOS ULATE

BEIJING, Feb 22 (Reuters) - Shanghai nickel prices 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 March nickel contract on the Shanghai Futures Exchange SNIcv1 was up 2.6% at 130,570 yuan ($18,152.37) a metric ton, as of 0312 GMT, hitting its highest levels since Jan. 29.

Three-month nickel on the London Metal Exchange CMNI3 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, LME aluminium CMAL3 slid 0.2% to $2,216, having hit a three-week high in the prior session, copper CMUC3 was flat at $8,542, zinc CMZN3 was steady at $2,394, lead CMPB3 was unmoved at 0.8% to $2,078 and tin CMSN3 rose 0.3% to $26,370.

The dollar index =USDheld 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.

SHFE aluminium SAFcv1 slipped 0.6% to 18,780 yuan a ton, while copper SCFcv1 was up 0.4% at 69,050 yuan, tin SSNcv1 dipped 0.3% to 217,840 yuan, zinc SZNcv1 gained 0.2% to 20,385 yuan, while lead SPBcv1 ticked 0.3% higher at 15,875 yuan.

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TOP/MTL or MET/L ($1 = 7.1930 Chinese yuan)

(Reporting by Siyi Liu and Andrew Hayley; Editing by Sherry Jacob-Phillips)

((Siyi.Liu@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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