Demand is being driven by strong central bank buying, with developing nations in particular stocking up on bullion as insurance.

Disappointment over demand has coincided with a period of relatively abundant supply.

A host of positive drivers have pushed up bullion by around 14% since the middle of February.

Following one of the most challenging periods for miners in Chile in years, the country’s industry is finally picking up.

Although Nornickel itself and its metals are not a target of Western sanctions some consumers are voluntarily shunning deals for its metals and of products made from Russian raw materials.

The most-traded May copper contract has gained nearly 5% so far this month.

In an update on Thursday, the nickel developer said the total funding required is in the region of $567-$592 million.