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. Last Updated: 07/27/2016

Nickel Prices Soar

LONDON () -- Power shortages that threaten supply from Norilsk Nickel sent shock waves through metals markets Friday and sent the price to a 3 1/2 year high at $8,960 per ton.

Word from Norilsk has been scarce, so speculation has been rife about the impact of trouble at a local power station. London traders insist that production losses could be substantial.

"The latest I have heard is that the plant won't be in operation for the first quarter of next year," a senior London Metal Exchange trader said. "I would not be surprised to see the losses extend to six months."