The price of nickel traded in London rocketed as much as 90 per cent to a record high as fears of a Russian supply shock left buyers of its high-quality output exposed to a short-term squeeze in one of the wildest sessions in living memory.

The metal, which is a key component in lithium-ion batteries and stainless steel, leapt to nearly $US55,000 a tonne, surging past the previous record of $US51,800 reached in 2007. It settled at $US50,925 a tonne, up 76 per cent, marking the largest single day gain for nickel in the three-month LME contract’s history.