Tuesday, October 28, 2025

London Metal Exchange Bans Russian Nickel

The London Metal Exchange on Tuesday suspended from its approved warehouses Russian nickel exports dated on or after July 20, a move that follows the earlier decision to ban other Russian metals including copper, lead, primary aluminum, and aluminum alloy from British warehouses.

The decision also follows after the UK government imposed 35% additional duties on said metals, now including nickel, as part of the set of sanctions imposed on Moscow related to its invasion of Ukraine.

While the exchange said there was no Russian nickel currently stored in the approved warehouses in Hull and Liverpool, it added that anyone who skirts the ban risks being hit with high additional costs.

Russia sits in the third spot of the world’s biggest nickel producers, following Indonesia and the Philippines.

After hitting record-high levels when the Russia-Ukraine war broke out, nickel prices have started to retreat to levels last seen pre-invasion.

Source: YCharts

Back in June 2022, it was reported that the exchange is being sued for US$456.4 million related to the nickel trading suspension on March 8. The suit “seeks to challenge the decisions giving effect to and maintaining the cancellation of the claimants’ alleged trades in nickel contracts.”


Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Steadright Enters MOU To Acquire Historic Goundafa Polymetallic Mine In Morocco

Related News

Nickel Climbs Over 40% Following Supply Chain Fears Before Giving Back Some Gains

The price of nickel this morning is up an astounding 40%, with the metal currently...

Monday, March 7, 2022, 09:29:37 AM

Is Nickel Back?

The year 2022 was turbulent for nickel, marked by sharp surges and an exchange meltdown....

Friday, December 30, 2022, 06:47:00 AM

Garibaldi Resources Announces 2020 Exploration Program

Garibaldi Resources (TSXV: GGI) this morning announced that it has started its drill program for...

Friday, June 26, 2020, 08:39:41 AM

Canada Nickel Delays PEA Until April Following Further Positive Recovery Tests

Canada Nickel Corp (TSXV: CNC) this morning announced that it will be delaying the release...

Thursday, March 4, 2021, 07:31:53 AM

Vale Cuts Jobs Globally as Nickel Market Slump Deepens

Brazilian mining giant Vale is cutting jobs across its global operations as nickel prices continue...

Thursday, December 12, 2024, 10:32:00 AM