• Loading stock data...

Latest News


Nickel dropped by the maximum allowed for a third day in another glitchy opening for trading in London, as the price continues its retreat from an unprecedented short squeeze last week.

Nickel dropped 12% to the daily limit of $36 915/t, although at least three trades went through at a price below the lower bound set by the exchange, according to Bloomberg data. Just after 8:00 a.m., three contracts traded at $36 865/t.
It was the third straight day that electronic trading in LME nickel had suffered from apparent glitches, as the LME has run into problems with its new trading limits, which were introduced for the first time in the wake of last week’s price runaway price spike.

Friday’s drop is the latest sign that the massive short squeeze in nickel that roiled the metals industry last week is easing following a controversial series of interventions by the exchange. It also brings prices closer to the value of futures in Shanghai, where nickel is trading at roughly $35 000/t — equivalent to about $31 000/t on a comparable basis with the LME (that is, excluding tax).
The LME announced late Thursday it would widen the limit to 12%. Nickel started trading on Wednesday at a 5% limit, which was increased to 8% a day later. 

Leave a Reply

Your email address will not be published. Required fields are marked *