Polymet surges as nickel tops $100,000/T on Russia supply risks

Polymet Mining

08/03/2022 12:08

** U.S.-listed shares of copper-nickel miner Polymet Mining
 POM.TO   PLM.N  surge 50% to $4.29 in premarket, tracking
nickel prices which more than doubled on Tuesday to cross the
$100,000-a-tonne level for the first time ever
    ** Tension in eastern Europe showed no signs of cooling and
growing sanctions against Russia fueled fears of a disruption in
supply
    ** Three-month nickel on the London Metal Exchange  CMNI3 
soared 71% to $82,250 a tonne by 0755 GMT; earlier in the
session, the prices shot up nearly 111%, to a record $101,365
 MET/L 
    ** Russia supplies the world with about 10% of its nickel
needs, mainly for use in stainless steel and electric vehicle
batteries
    ** U.S.-listed shares of Brazilian miner Vale SA  VALE3.SA 
 VALE.K  up 3.8% at $21.38; iron ore and nickel are two of
VALE's key products
    ** Haynes International  HAYN.O , a producer of nickel and
cobalt-based alloys, climbs 6.4% to $43
    ** LME copper  CMCU3  also rose 2.5% to $10,542.50 a tonne
    ** PLM up 14.4% YTD

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))