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ASX mining shares with an interest in nickel are rising today amid a surge in the price of the key commodity. The nickel price is booming on global markets amid supply concerns over the Russian invasion of Ukraine.
Let’s take a look at how these nickel shares are performing.
Nickel prices explode
The Nickel Mines share price has surged 18% since market close on 24 February. Over the same period, Mincor shares have gained 19%, Panoramic Resources has rocketed 37%, and IGO Resources has soared 24%.
These ASX mining shares are seeing steep climbs amid skyrocketing nickel prices. Nickel rocketed 90% to all-time highs on commodity markets on Monday, according to reports on NABtrade.
The nickel price is surging amid supply concerns due to economic sanctions being imposed on Russia. A report from Reuters, cited by NAB, said:
Russia supplies around 10% of the world’s nickel, and investors fear that Western sanctions against Russia could disrupt air and sea shipments of commodities produced and exported by Russia.
The nickel price hit $55,000 a tonne earlier in the trading session on the London Metal Exchange. At the time of writing, it is up nearly 73% to $50,300 a tonne.
Panoramic recently provided an update on its drilling at the company’s Savannah Nickel Project in Western Australia. Drilling at the mine identified a new zone of semi-massive mineralisation. Commenting on the news, CEO Victor Rajasooriar said:
Pleasingly, in our first hole, we have intersected an unexpected splay which has the potential to add additional metal to our mining inventory
This morning, Mincor Resources released a copy of a company presentation at the Euroz Hartleys Conference on Rottnest Island. Mincor described its Cassini mine as Australia’s “newest high-grade underground nickel operation” on the cusp of production.
The company said demand for clean nickel will rise with the increasing electric vehicle uptake. Mincor presented figures showing annual passenger EV sales could hit 20 million by 2025 and more than 70 million by 2040.
Share price snapshot
The Nickel Mines share price has surged 29% in the past year while Mincor has gained 124%. Panoramic has rocketed 146%, while IGO has shot up 110%.
Year to date, the Nickel Mines share price is up 19%. Meanwhile, Mincor has gained 28%, Panoramic is 20% higher, and IGO has increased by 17%.
For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned around 5% over the past year.