London nickel trading suspended again after brief resumption
LONDON (AP) — Nickel trading in London has been suspended shortly after it resumed following a weeklong halt as the exchange investigated a glitch. The London Metal Exchange said Wednesday that it had to pause trading to investigate a “system error” that let the price fall below a lower daily limit. The exchange brought in daily price limits to reduce volatility as part of efforts to restart trading for the nickel contract. Trading was first suspended last week when the price skyrocketed to over $100,000 per ton. Chinese metals giant Tsingshan Holding Group bet last week that nickel prices would slump but instead they staged an unprecedented rally amid sanctions against major producer Russia over its invasion of Ukraine.
