Nickel Hits Limit Down Again On London Metal Exchange, Falls 12%: CNBC

  • The benchmark three-month nickel contract fell 12% on Friday morning to hit a new trading limit, as heavy selling continued on international metal markets, reported CNBC.
  • The price hit $36,915 a metric ton as it opened for trade, stated Refinitiv data.
  • The London Metal Exchange, which still has some open outcry trading, has had a hectic two weeks with price surges, technical glitches, and trading suspensions.
  • The LME installed a trading range of 5%, which was widened to 8% for Thursday and 12% for Friday.
  • RelatedRussia Impact - London Metal Exchange Suspends Nickel Trading After 250% Price Spike
  • On Wednesday, LME’s attempt to resume nickel trading after the shutdown was hit with a “systems error” allowed a small number of trades to go through below the newly imposed daily price limit and was temporarily halted again.
  • RelatedNickel Electronic Trading Halted As LME Hit By Glitch: Bloomberg
  • Matthew Chamberlain, CEO of the LME, stated the LME had “deliberately prioritized stability” by setting a relatively narrow range of daily trading limits, but these could soon be widened if the exchange observed a “more orderly market.”
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