Price volatility following Russia’s invasion of Ukraine and a huge speculative play on the London Metal Exchange (LME) by China’s Tsingshan Holding Group sent the nickel market spiralling out of control in early March. Prices have since stabilised and are still likely to boost producers’ balance sheets. This could be a double-edged sword for Zimbabwe, which stands to make huge gains from coveted energy minerals, but which is also vulnerable to global market instability
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