NILSY - Aluminum nickel prices soar to multi-year highs on Russian supply threat

Prices for aluminum and nickel prices climb to multiyear highs in London, Reuters reports, after Russian President Vladimir Putin recognized breakaway regions in east Ukraine and sent troops into the area as "peacekeepers." Benchmark aluminum (LMAHDS03:COM) on the London Metal Exchange, already up nearly 20% YTD after surging 42% in 2021, recently traded +1.9% at $3,343/metric ton after reaching $3,380/ton, literally pennies short of 2008's record of $3,380.15/ton, while LME nickel (LN1:COM) was +1.7% at $24,760/ton after touching $24,925/ton, the highest since 2011; Russia produces 6% of the world's aluminum and 7% of its mined nickel. Alcoa (NYSE:AA) +2.9% pre-market; other potentially relevant tickers include CENX, ACH, ARNC, CSTM, KALU, OTCPK:NILSY, JJU Both aluminum and nickel already are undersupplied; shortages have cut inventories in LME-approved warehouses to 835K metric tons from nearly 2M in March 2021, and nickel stocks in LME-registered warehouses have dropped to 82K tons from more than

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Aluminum, nickel prices soar to multi-year highs on Russian supply threat