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Volatile Commodity Market as Nickel Zooms 60% and Oil Surges to $126 📈

By XFlow Markets Team Tuesday, Mar 8, 2022 | World News

Volatile Commodity Market as Nickel Zooms 60% and Oil Surges to $126

Nickel had pared some gains to trade 66% higher at $80,000 a ton before the suspension. Other metals on the LME declined after the announcement.


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  • Global commodities are surging to multi-year highs amid rising geopolitical tensions.
  • Gold and silver hits $2000 & $26 mark respectively, as they belong to safe-haven instruments & any kind of fundamental crisis makes them more expensive.
  • Nickel prices rallied & doubled to cross record high levels of $100000 per tonne in last two trading sessions which led London Metal Exchange (LME) to suspend the trading for atleast rest of the day. The rising risk of supplies & shipment of metals from Russia, the world’s biggest producer of metals makes the base metals extremely volatile.
  • WTI Oil prices hit 14-year highs to $126 after the news spurred in that West may ban Oil supplies & imports from Russia; how-so-ever, Europe may push back the decision as Russia warned to stop the flow of Natural Gas through pipelines from Russia to Germany & this may lead Oil prices to test $200 or $300 per barrel also. Besides this, U.S may stick to its plan of banning the oil supplies from Russia.
  • Overall equity markets slipped with a concern over Russia-Ukraine tensions, rising inflation rate & upcoming aggressive FOMC monetary stance.
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