Author: Paul Ploumis28 Apr 2014 Last updated at 05:55:22 GMT
MOSCOW (Scrap Monster): Nickel extended for a second day with a 14-month high gain on concerns that supplied from Russia might be broken up even though there were mounting tensions over Ukraine. London Metal Exchange three month contract for delivery attained around 1.4 % to $18,700 a metric ton. This had been the highest level since February 2013 and today by 10: 32 am in Tokyo it was at $18,635. The price rose to 18 percent this month, the highest level since March 2010.
The European Union and US might impose new sanctions over Russia today itself because the Ukraine crisis rose up along with the detention of international observes by pro-Russian separatists. Nickel had climbed 34 percent this year, the most traded metal among the six metals on the London Exchange Market. Indonesian iron ore export ban that had started in January made a part in this nickel rise.
Russia and China were the biggest producers of refined Nickel. According to a resource analyst David Lennox, it was appeared to be Ukraine east might go the same way as the Crimea. The expansion of sanctions by the west against Russia was likely to be the factor that made that country back from moving.