Additionally, the escalating tensions on the Crimea peninsula have weighed on the outlook for Russian nickel exports. Potential sanctions against Russia could halt exports from Norilsk Nickel, Russia’s largest mining company, which accounts for 17% of world output.
“Comments from the rest of the world leaders just add to continued concerns about potential trade sanctions against Russia and supply constraints for nickel,” Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, said in a Bloomberg article.
iPath Dow Jones-UBS Nickel Total Return Sub-Index ETN
For more information on nickel, visit our nickel category.
Max Chen contributed to this article.