Australian nickel miners soar as commodity scales all-time high

Poseidon Nickel

08/03/2022 24:09

** Most Australian miners with nickel in their portfolio
were among the top gainers on the ASX 200 benchmark  .AXJO  
    ** Nickel prices sky-rocketed 90% to hit all-time highs on
Monday on fears of major supply disruptions due to sanctions
being imposed on Russia  MET/L 
    ** Russia supplies world's 10% nickel, needed mainly for
stainless steel and electric vehicle batteries
    ** Analysts at Citi are bullish on near-term nickel prices,
citing supply concerns stemming from heightened Russia-Ukraine
conflict; sees miners benefiting from price surge  urn:newsml:reuters.com:*:nL2N2VA2R7
    ** Australian pure-play miner Nickel Mines Ltd  NIC.AX 
soars 8.5% to hit a record high on Tuesday; IGO Ltd  IGO.AX 
jumps 5.9% to touch an all-time high
    ** Smaller players like Panoramic Resources Ltd  PAN.AX ,
Mincor Resources  MCR.AX  and Poseidon Nickel  POS.AX  advance
between 4% and 11%

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))