Volatile market reeling from a big short gone wrong can blow up if West imposes sanctions on Russia. Miningnews nickel
But now the pair’s impact on nickel trading is even more outsized, thanks to the war in Ukraine and the fallout of Xiang’s big short, which was built up on the belief his company can again transform the fundamentals of the nickel supply chain.
The outcome wasn’t quite the Great Metal Crisis of 2022, but it was certainly more evidence that nickel could be ground zero if the GMC occurs.Canada, Australia placed sanctions on Potanin, who owns around 37% of Norilsk and is Russia’s richest man.Judging by the lack of market reaction to the announcements, Norilsk’s nickel appears to be flowing freely, with the price dipping below $20,000 a tonne this week for the first time this year.
Potanin, a close ally of the Kremlin who appears to have thrived under the sanctions regime, is also making moves to stave off any restrictions on Norilsk with the opening of merger discussions with aluminium giant Rusal. ”. Norilsk also produces 10% of the world’s platinum and 40% of its palladium, used primarily in auto catalytic converters, while Rusal commands 6% of aluminium output.Nickel is a small market – only just over 2.
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