Further sanctions against Russia could tighten commodities supply
(PresseBox) - Russian metals are no longer allowed to be traded on the London Metal Exchange (LME) platform.
As of April 13, Russian metals produced are no longer permitted to be traded on the LME due to new British and US sanctions. In LME warehouses, 62 percent of the copper content and 36 percent of the nickel content originate from Russia. The LME is the largest metal exchange on Earth. The background to this is Russia s desire to reduce revenues from metal exports. Copper and nickel are considered "green metals" and are essential for the success of renewable energies and achieving net-zero emissions.
Solar panels and wind turbines require battery metals for energy storage, and electric vehicles require them for their batteries as well. Nickel is a key component of lithium-ion batteries. Thus, copper and nickel are forecasted to see increasing demand. According to projections, the demand for nickel for cathodes will multiply by 2030. Previously, Russian nickel was in demand, but due to the conflict in Ukraine, attention has shifted more towards nickel from Indonesia. In 2023, approximately 3.6 million tons of nickel were produced worldwide, with about 1.8 million tons coming from Indonesia. Indonesia is not only the largest mining country but also a leader in refinery production. It s worth noting that the steel industry is a significant consumer of nickel.
Nickel and cobalt, another important battery metal, are the focus of Canada Nickel Company - https://www.commodity-tv.com/play/canada-nickel-exploring-multiple-projects-in-the-timmins-nickel-district-and-advancing-crawford/ -. This company owns the Crawford nickel-cobalt project in Canada.
In Ontario and Minnesota, Green Bridge Metals focuses on nickel, copper, platinum metals, and chromite, which is included in one of its projects.
For current company information and press releases from Canada Nickel Company (- https://www.resource-capital.ch/en/companies/canada-nickel-company-inc/ -) and Green Bridge Metals (- https://www.resource-capital.ch/en/companies/green-bridge-metals-corp/ -).
In accordance with ?34 WpHG, I would like to point out that partners, authors, and employees may hold shares in the companies mentioned and thus a possible conflict of interest may exist. No guarantee for the translation into German. Only the English version of this news applies.
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Datum: 27.05.2024 - 09:08 Uhr
Sprache: Deutsch
News-ID 706119
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