The traders, brokers and salespeople on the exchange vehemently open at the London Metal Exchange Ltd. in London, United Kingdom, on Monday, February 28, 2022.
Chris J. Ratcliffe | Bloomberg | beautiful pictures
LONDON – The benchmark three-month nickel contract fell 8% on Thursday morning to hit new trading limits, as heavy selling in the metals market continued.
According to Refinitiv data, the price hit $41,945/mt when it opened for trading. Nickel price more than doubled Within hours on 8/3, there was a rise above 100,000 USD/ton as one of the world’s top producers, China’s Tsingshan Holding Group, bought in bulk to reduce short-term bets on the metal. .
Trading was halted as the move exacerbated a rally at a time when the metal was spiraling upwards due to Russia’s growing conflict in Ukraine.
On Wednesday, the LME attempted to resume nickel trading after a rare close. But a technical glitch caused the 145-year-old exchange to pause the market again, before trading reopened at 2pm London time.
—Sam Meredith of CNBC contributed to this article.
