Skip to content

Nickel Surges 90% to Record With Threat of Shortages Mounting

  • Base metal used in batteries and steel surges on supply fears
  • Nickel market is the tightest since 2000s, Citigroup says
Updated on

Nickel surged to a record high in one of the most extreme price moves ever seen on the London Metal Exchange, as fears over Russian supplies leave buyers exposed to a historic squeeze.

The metal used in stainless steel and lithium-ion batteries rose as much as 90% to $55,000 a metric ton, the highest in the 35-year history of the contract. That topped a previous record of $51,800 reached in 2007.