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Due to the escalating fears that Russia reduces its supply of both aluminum and nickel, which might make the current shortage even worse, the prices of both metals climbed to a record high in several years.
Russia has kept denying invasion towards Ukraine. Russian invasion could mean sanctions against Russian companies such as Norilsk Nickel, accounting for 10% of the global nickel, and Rusal, which supplies about 5% of world’s aluminum.
Market participants said that there is a risk of sanctions on Russia, and people are stocking aluminum and nickel for safety stock level.
According to LME data, aluminum prices reached US$3,333/ton last week, which was very close to the record high of US$3,380.15/ton in July 2008. Also, nickel rose to US$24,435/ton, the highest record since August 2011.
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