Nickel prices on Tuesday morning briefly jumped to a record high above $100,000 a metric ton on the London Metal Exchange, before paring some gains.
, Russia is a key producer and exporter of metals and grains. Indeed, Russia is the world's third-largest producer of nickel — a key ingredient in stainless steel and a major component in lithium-ion batteries.Metal prices have soared as banks have cut their exposure to Russian commodities and as shipping giants avoid the country's key ports.ahead of Moscow's invasion of Ukraine, meaning there's little ability to absorb any output cuts.
"It is a very dangerous market right now because this is a market that is not driven by supply and demand, it is driven by fear," Hansen told CNBC'S"Squawk Box Europe" on Tuesday.