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    Home » LME to Reopen Nickel Trading on Wednesday, With Limits on Price Moves
    Indices News

    LME to Reopen Nickel Trading on Wednesday, With Limits on Price Moves

    March 15, 20221 Min Read
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    The London Metal Exchange stated it will resume trading on nickel on Wednesday after halting last week after metal’s price soared to $100,000 per ton in a huge short squeeze.

    • In a notice, it is also bringing in new rules setting daily upper and lower price limits for contracts for nickel and other base metals.
    • The exchange was pressured to halt trading last Tuesday and cancel trades after Chinese tycoon Xiang Guangda’s company Tsingshan Holding Group bought significant nickel amounts to cover short positions.
    • Tsingshan, the world’s biggest nickel producer, kept purchasing even as the metal’s price jumped to limit further potential losses, driving prices even higher.
    • Nickel reached double its Monday closing price of $48,078 lifted by concerns about a supply shock from Russian sanctions.

    The extreme volatility pushed the LME to halt nickel trading for the first time since 1988. The trading of nickel will resume at 8 a.m. London time and will adopt regular trading hours from Thursday.

    Source: LME

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