Nickel Prices Surge Due to Unrest in New Caledonia

📰 Breaking News: Nickel prices have experienced a significant increase of over 5% this week, marking the largest monthly rise in recent times. The cause? Unrest in New Caledonia, the third-largest nickel miner, has sparked concerns about further supply disruptions in the French territory.

🌏 Last year, the South Pacific archipelago was the third-largest producer of electric vehicle battery metals globally. This week, violent protests erupted over changes in voting rules, impacting the production of the French mining company Eramet SA, which is now operating its subsidiary at minimal capacity.

📈 The London Metal Exchange (LME) saw nickel futures spike by 5.7%, the highest intraday surge since April 15th. As of 8:07 AM in the UK capital, their trading prices had risen by 5.5%, reaching $20,880 per ton. Other base metals also rose, with aluminum and copper increasing by 1.1%.

📉 New Caledonia's nickel production had previously been significantly reduced due to sluggish battery industry consumption and a surge in supply from Indonesia, causing a sharp decline in nickel prices. However, delays in mining license issuance in Southeast Asia and sanctions on Russian metals have propelled LME copper prices above $20,000 per ton for the first time since September last year.

🔍 "Nickel is catching up with other base metals," said Horizon Insights analyst Gao Yin. "The New Caledonia incident has added some disruption to the nickel market, further driving up prices."

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