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

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Canada Nickel Assays 0.32% Nickel Over 10.1 Metres At Crawford East Zone

Canada Nickel Company (TSXV: CNC) announced this morning assays from the infill drilling program at...

Tuesday, October 26, 2021, 09:44:00 AM

Karora Resources Sells 28% Stake In Dumont For $7.4 Million Up Front Payment, Announces Share Consolidation

Karora Resources (TSX: KRR) announced this morning that it has sold its interest in the...

Wednesday, July 22, 2020, 08:49:52 AM

Restarting Sudbury’s Crean Hill Nickel & Copper Mine with Paul Fowler of Magna Mining

At the Rule Symposium of Natural Resource Investing in Boca Raton, Florida, Steve interviewed Paul...

Wednesday, July 17, 2024, 02:55:00 PM

London Metal Exchange Halts Nickel Trading Again, Points To “IT System Error”

The London Metal Exchange saw itself caught in a bind again after it halted nickel...

Wednesday, March 16, 2022, 09:22:00 AM

Canada Nickel Reports After-Tax NPV Of $1.2 Billion At $7.75 Per Pound Nickel For Crawford

Canada Nickel Company (TSXV: CNC) this morning finally released its much-anticipated preliminary economic assessment for...

Tuesday, May 25, 2021, 07:42:27 AM