“For this to get out of hand at this level is extraordinary,” said one seasoned market watcher last week. He was referring to the surge in the price of nickel, a fairly niche, silvery-coloured metal that, despite its low profile, will play an important role in the fight to curb our carbon emissions.
Nickel’s remarkable run — jumping 250 per cent in just two days, before the market in trading the metal was closed — was by no means the only eye-popping move in markets last week. Oil and gas prices surged, while raw materials of all types seem to be shooting up in value.
Commodity prices were already riding high at the start of this year. The war in Ukraine has super-charged that rally.
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