Nickel Turmoil Saga Continues With Another 15% Limit-Up Spike On LME: Bloomberg

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  • Nickel surges by the 15% exchange limit for a second day at The London Metal Exchange, putting fresh pressure on bearish position holders after an unprecedented short squeeze earlier this month, reported Bloomberg.
  • Nickel is up 53% during March in LME after wild swings.
  • The report added that Nickel prices surged to $37,235 a ton in early trading on LME, leaving the market locked up again after a 15% jump on Wednesday.
  • Related: Nickel Rises On LME As Buyers Return After Squeeze
  • "Ultimately, the short position is still out there, and they will have to close it out," the report quoted Michael Widmer, head of metals research at Bank of America Corp.
  • Nickel also surged to the maximum daily limit on the Shanghai Futures Exchange earlier, following the overnight gain in London.
  • Also ReadNew Week New Limit Down On LME, Benchmark Nickel Price Down 15%: CNBC
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