The London Metal Exchange has suspended trading in its nickel contract after the price doubled on Tuesday and soared to a record above $100,000 a tonne amid a vicious short squeeze.
The 145-year-old exchange said it was evident the “evolving situation in Russia and Ukraine” had affected the nickel market and given the extreme price moves in Asian trading hours had taken the decision to halt trading on “orderly market grounds”.
“The LME will actively plan for the reopening of the nickel market, and will announce the mechanics of this to the market as soon as possible,” it said in a statement.
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