Nickel Crisis Fuels Unrest In New Caledonia, Pushes Prices Above $20,000 Per Ton
Portfolio Pulse from Stjepan Kalinic
Nickel prices have surged above $20,000 per ton due to supply concerns from New Caledonia and sanctions on Russian metal. New Caledonia, holding 20-30% of the world's nickel reserves, faces economic challenges as prices fell 45% in 2023. Glencore and Eramet have reduced operations, impacting local communities.
May 21, 2024 | 1:53 pm
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NEGATIVE IMPACT
Eramet's significant reduction in operations in New Caledonia has added to the supply concerns, contributing to the rise in nickel prices.
Eramet's reduction in operations in New Caledonia has exacerbated supply issues, contributing to the rise in nickel prices. This operational cutback is likely to negatively impact Eramet's stock in the short term.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Glencore's closure of the Koniambo Nickel plant in New Caledonia has strained local communities and contributed to the rise in nickel prices.
The closure of the Koniambo Nickel plant by Glencore has directly impacted local communities and contributed to the supply concerns driving up nickel prices. This negative operational development is likely to weigh on Glencore's stock in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80