The London Metal Exchange (LME) in an unprecedented move halted nickel trading and cancelled all trades on Tuesday as a race to cover short positions saw prices double in just hours to record highs above $100,000 per tonne.
The trading shutdown after Western sanctions threatened supply from major producer Russia is the biggest crisis to hit the 145-year-old exchange in decades.
One reason the LME took action is because some position holders have been struggling to pay margin calls, traders said. Three-month nickel on the LME more than doubled to $101,365 a tonne before the LME halted trade on its electronic systems and in the open outcry ring.
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