Nickel prices slump over 5% after Russian forecasts

Nickel prices declined on Wednesday as the dollar index rose against major rivals, and following grim for Russian output. 

Russian Nornickel company expected a global shortage in palladium supplies by 100 thousand ounces, and oversupply of nickel by 37 thousand tones in 2022. 

This is a downgrade in forecasts from the Russian company following February data. 

Nornickel, the world's largest palladium and nickel producer, was forced to cut output last year due to several accidents.

The dollar index rose 0.3% to 102.1 as of 14:31 GMT, with a session-high at 102.4. 

Nickel 

Nickel spot futures tumbled 5.2% to $25.391 thousand a tone as of 14:41 GMT. 

Palladium

Palladium futures due in June rose 0.1% to $1,989.5b an ounce as of 14:33 GMT.