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Can Norilsk Nickel reign in nickel prices?

Kitco News

Red hot nickel may be coming back to earth, according to Reuters.

On Saturday Michael McCrae recorded a solo Kitco Roundtable looking at the past week's metal and mining news.

On Friday nickel prices jumped to their highest since 2011 on as a supply deficit ate into stockpiles and electric vehicles gain wider acceptance. Benchmark nickel on the London Metal Exchange (LME) was $22,400 a tonne.

However, supply should be ramping up. Early last year Norilsk Nickel, the largest miner of the metal, said that two of its mines flooded, which crimped production. The miner said the issues is fixed and production is set to rise. The Russian miner is set to produce 205,000 to 215,000 tonnes of nickel this year compared with 190,000 to 200,000 tonnes last year.

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