Economics
Nickel Surges on Fears Fresh Sanctions Could Follow Rusal Shock
- Goldman says Rusal measures could drive aluminum to $3,000
- Palladium also rises as market gauges risk of further action
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Nickel surged to a three-year high amid growing fears the metal could be hit by a fresh round of sanctions against Russia as U.S. action against United Co. Rusal continues to roil the aluminum market.
Nickel, used in steelmaking and batteries, jumped as much as 4.6 percent to $14,870 a ton on the London Metal Exchange, the highest level since February 2015. Bullish sentiment was also boosted after production slumped 18 percent at Vale SA and as BHP Billiton Ltd. forecast booming usage in electric vehicles.