Nickel Climbs After U.S. Renews Warning of Russian Invasion

(Bloomberg) -- Nickel rose to the highest in more than three weeks on concern that supply from Russia could be disrupted amid growing geopolitical tensions in Ukraine.

The U.S. ramped up warnings of a possible Russian attack on Ukraine, with President Joe Biden saying a “false-flag” event may be underway and a top diplomat describing Moscow as moving toward an “imminent invasion.” Russian officials said no invasion of Ukraine was underway and none was planned.

The nickel market has been roiled in recent weeks as traders brace for any disruptions to Russian supplies. The country’s exports account for 5.3% of global production, according to JPMorgan Chase & Co. 

Nickel rose 2.1% to settle at $23,886 on the London Metal Exchange at 5:51 p.m. local time. It earlier touched the highest since Jan. 24. Other metals were mixed, with copper edging lower and zinc climbing 0.6%.

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