Nickel's futures price on the London Metal Exchange plummeted by over 6% at the 5pm close on Wednesday March 3 following the news that Norilsk Nickel expects to stabilize flooding issues at two of its mines next week.
The Russian company, the world's largest palladium and high-grade nickel producer, suspended operations at Oktyabrsky and Taimyrsky mines due to flooding from natural groundwater last week.
On Wednesday, Nornickel president Vladimir Potanin said that the company will on March 9 "determine the precise production volumes that have been affected. Today, we can say that this accident bears only material losses, that is some losses in production volume, but, fortunately, there have been no consequences for people, the environment, or...