24th April 2014
Nickel has advanced for a fifth successive commodities trading session today (April 24th), amid ongoing concerns regarding global supplies of the metal.
Following a ban on ore exports from Indonesia and the escalating tensions in Ukraine, there have been fears global production will struggle to keep pace with demand, sending prices higher.
After Kiev announced it was restarting an offensive operation to remove pro-Russian separatists occupying state buildings in eastern Ukraine, Russia - the world's second-largest producer of refined nickel - vowed to protect its citizens in the region.
This situation leaves the diplomatic accord signed by the two countries in Geneva last week in tatters. It had been hoped the agreement, also incorporating the European Union and US, would lead to peaceful disarmament of the rebels.
On the London Metal Exchange, nickel for delivery in three months climbed by 1.1 per cent in early trading, reaching $18,590 per metric tonne - its highest level since February 2013. The metal has now advanced by 34 per cent since the turn of the year.
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