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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.
XFlow Markets Team

XFlow Markets is one of the leading brokerage firm in the trading industry with vast number of clientele followers. We are ranked as the top most firm with 9 years of experience along with top-notch trading services. We widely trade in Forex, Indices, and Commodities.

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