Nickel declines below $30 thousand

Nickel prices declined below $30 thousand per tone, relinquishing most of its gains, made after Russia's attack on Ukraine.

The attack pushed nickel to record highs above $100 thousand , which led to suspension of nickel trading in London.

Prices were buoyed by weaker supplies in the global market after western sanctions on Russia.

The metal was also buoyed by demand from electric car manufacturers, for the promise the metal holds for battery production.

Dollar

Dollar's strength continues to weigh on nickel and most industrial metals. 

Dollar hit 20-year highs as investors buy it up as a safe haven, while the Fed prepares several rate hikes throughout the year.

The dollar index fell 0.4% to 103.4, with a session-high at 104.1.

Nickel spot prices fell 5.5% to $24.843 thousand a tone as of 14:15 GMT.