Worst crisis in decades for metal traders | Business - The Times

Metal traders say they have never seen anything like the chaos that has gripped the nickel market.

“‘Unprecedented’ is an overused word, but this actually is,” said Guy Wolf, the global head of market analytics at Marex, the broking group. “This has never happened before in the history of the nickel market.”

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A surge in the price of the metal — which doubled to a record level of more than $100,000 a tonne — forced the 145-year-old London Metal Exchange (LME) to suspend trading in nickel and cancel all transactions that took place yesterday.

The exchange said the move was necessary to “ensure the continued orderly functioning of the market”. Late yesterday, in an announcement on its website, it said: “The LME does not consider

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2022-03-09 00:01:00Z
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