BEIJING: Shanghai nickel prices jumped more than 2% on Thursday to a three-week high as traders assessed concerns over global supply with speculation of renewed US sanctions against Russia.

The most-traded March nickel contract on the Shanghai Futures Exchange was up 2.6% at 130,570 yuan ($18,152.37) a metric ton, as of 0312 GMT, hitting its highest levels since Jan. 29.

Three-month nickel on the London Metal Exchange retreated 0.3% to $16,885 per ton, having jumped 3.6% in the previous session and posting the biggest daily gain since last November.

US President Joe Biden said Washington plans to unveil a major sanctions package against Moscow on Friday.

Nickel prices rise on talk of Indonesia pricing change

This could involve metals, which are a major source of revenue for the country. Russia is a main producer of nickel and aluminium.

Elsewhere, LME aluminium slid 0.2% to $2,216, having hit a three-week high in the prior session, copper was flat at $8,542, zinc was steady at $2,394, lead was unmoved at 0.8% to $2,078 and tin rose 0.3% to $26,370.

The dollar index held broadly steady as traders awaited a slew of business activity surveys to gauge the health of major economies and what that may mean for the global interest rate outlook.

SHFE aluminium slipped 0.6% to 18,780 yuan a ton, while copper was up 0.4% at 69,050 yuan, tin dipped 0.3% to 217,840 yuan, zinc gained 0.2% to 20,385 yuan, while lead ticked 0.3% higher at 15,875 yuan.