Shares in MMC Norilsk Nickel PJSC, Russia’s largest miner, declining almost 5.9% in Moscow on Monday.

Chinese lithium carbonate prices rose to a fresh record on Monday, as data showed a 35% month-on-month jump in electric-vehicle registrations in December.

The world's shortage of lithium would be exacerbated with the cancellation of the Jadar project, experts said.

Serbia’s decision is a blow to Stausholm, who after winning the helm just over a year ago said he was aiming to win back trust for the world’s second-largest miner.

The change comes after a third consecutive annual drop in volumes at the iconic trading venue.

Worries about availability come from inventories in LME registered warehouses which at 94,830 tonnes have dropped 65% since April last year.

"As far as project Jadar is concerned, this is an end," Prime Minister Ana Brnabić said.

The nickel market had reached its tightest since 2007 earlier this week after a plunge in exchange stockpiles.