Ukraine invasion re-emphasises supply chain risks
The effects of the invasion fall into three main categories in our view: things that have happened; those that might happen; and those that we don’t want to happen. Things that have happened The concern about the embargoing of Russian exports has led to a 30% rise in oil prices to c.US$120/bbl, a huge spike in gas prices and a more than 100% increase in LME nickel prices. We’ve talked a lot about nickel in recent months. Russia is a big player in nickel. It has 10% of total nickel supply, but it is 14% of global Class 1 nickel....