Weekly round-up: Nickel trading suspended; base metals may remain under pressure

Aluminium prices dropped by nearly 12% on 11 March from its record peak seen at the start of the week due to heightened market volatility. Sanctions and speculation of export disruption from Russia continued.

International benchmark aluminium LME 3-months contract closed at $3,483/t on 11 March.

Stocks of aluminium in LME-registered warehouses fell to 755,950 tonnes which is only 40% of the total stocks seen in Mar'21.

Similarly, SHFE's most-traded April contract of aluminium also slipped 5.8% to RMB 22,035/t from the week's opening of RMB 23,400/t.

International prices were still volatile as Russia and Ukraine hold the major share in the commodity market.

Nickel, the most wildest metal, exceeded the $100,000/t level to $101,365/t. LME suspended trading of nickel untill further notice. It is likely to start by next week. Read More..

LME copper 3-months contract fell 4.6% to $10,183/t from the week's opening of $10,674/t. Read More..

Crude oil prices also touched a 13-year high level, leading to weakening of Indian rupee which now stands at INR 76.75 against the dollar. Imports may get affected but exports may boost with this currency rally.