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Recently, nickel, which has important uses in the fields of batteries and electronic components, has attracted global attention
.
Affected by the geopolitical situation, on March 7 and 8, nickel futures on the London Metal Exchange surged 174% in two days.
On March 7, the main contract of nickel futures on the London Metal Exchange (LME) suddenly rose sharply, breaking through US$50,000/ton, a record high, and a single-day surge of 73%; on March 8, nickel futures continued to soar, once Over $100,000
.
In the afternoon, the LME announced the suspension of all nickel contract transactions.
This series of measures shocked all parties in the market and caused a lot of speculation
.
Matthew Chamberlain, chief executive of the LME, said: "Our fundamental responsibility is to stabilize the market, and if prices are allowed to continue to rise, it will be difficult for some market participants to continue their activities
To be sure, the most extreme price action ever seen in London nickel futures is related to the Russian-Ukrainian conflict
.
Russia produces about 7% of the world's nickel, and the market is worried that if Russia is hit with broader sanctions, the supply of metals such as nickel and its chemicals will be affected
In addition, on March 9, the global commodity market fell sharply.
Aluminum, copper, lead, tin, zinc, etc.
on the London Metal Exchange all plummeted, while London nickel trading will not resume until at least March 11
.
Accordingly, market participants said that the price of nickel is likely to fall after the resumption of trading
Changes in the international nickel resource market have an important impact on the international related product market
.
In the field of lithium batteries, global leading power battery manufacturers such as LG Chem and SK New Energy are facing pressure
.
At present, the pricing of ternary precursors of lithium battery cathode materials generally refers to the market prices of nickel, cobalt, and manganese metals, and combines the technical content of the products and the market supply and demand for comprehensive pricing
