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Industrial metals rose on Monday, with nickel prices surging more than 10%, as escalating conflict in Ukraine and mounting sanctions on Russia threatened to disrupt supply.
Three-month nickel on the London Metal Exchange CMNI3 jumped 17% to $33,820 a tonne by 0250 GMT, after hitting a peak since March 2008 at $34,120.
The most-traded April nickel contract on the Shanghai Futures Exchange SNIcv1 surged 11.4% to 209,910 yuan ($33,191.03) a tonne. Prices touched record high of 210,650 yuan earlier in the session.
Benchmark aluminium CMAL3 on the LME rose to a record $4,000 a tonne earlier and was last up 2.1% at $3,930.
Russia produces about 6% of the world's aluminium, 7% of global nickel and accounts for about 3.5% of copper supplies.
Sanctions on Russian individuals and corporates have prompted many banks, shippers and other firms to stop working with Russian companies or goods.
Russian President Vladimir Putin has vowed to press ahead with his invasion unless Kyiv surrendered.
* LME copper CMCU3 rose 0.7% to $10,745 a tonne, lead CMPB3 was up 0.4% at $2,468.5, zinc CMZN3 gained 2.3% to $4,143 and tin CMSN3 climbed 1.9% to $48,420.
* ShFE copper SCFcv1 gained 2.9% to 74,850 yuan a tonne, aluminium SAFcv1 was 1.6% higher at 24,010 yuan, zinc SZNcv1 jumped 3.2% to 26,695 yuan, lead SPBcv1 rose 1.5% to 15,695 yuan and tin SSNcv1 was up 3.8% at 355,050 yuan.
* Premiums for cash nickel over the three-month contract MNI0-3 has risen to $690 a tonne, the most since 2007, indicating tight nearby supplies.
* Data on Friday showed, copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 5.6% from the previous week.
* The London Metal Exchange (LME) on Friday raised its margin requirements for aluminium and nickel contracts effective at close of business on March 8 after a rally fuelled by the escalating Russia-Ukraine conflict.
* Top metals consumer, China's state planner will closely monitor the supply and prices of some raw materials and strengthen the management of commodity reserves to ensure supply chain security, it said on Saturday.
* The quarterly negotiations for Japan's aluminium premiums for April-June are expected to take longer than usual due to uncertainty over supply from Russia, five sources involved in pricing talks said on Friday.
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* Oil prices soared and shares sank in hectic trading, as the risk of a U.S. and European ban on Russian product and delays in Iranian talks triggered what was shaping up as a major stagflationary shock for world markets. MKTS/GLOB