CENX - Aluminum gains in London but nickel falls 8% as trading glitches ensue
Aluminum prices rise for a second straight day on hopes of economic stimulus in China, the biggest consumer, but the London Metal Exchange's attempt to reopen trading in the nickel market was delayed for hours due to problems with the LME's electronic system. According to Reuters, LME benchmark aluminum (LMAHDS03:COM) recently was +2.2% at $3,328.50/metric ton; prices have been volatile since Ukraine was invaded by Russia - which produces 6% of global supply - surpassing $4K/ton on March 7 and falling to as low as $3,200 two days ago. U.S.-traded aluminum-related stocks open higher: NYSE:AA +3.2%, CENX +3.2%, ARNC +4.4%. LME nickel plunged 8% to $41,945/ton, the maximum allowed under new exchange rules, as soon as the market opened, with only eight contracts traded before trading was halted. The LME is being sharply criticized from metals market veterans and general investors alike for its handling of the situation, and Bloomberg
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Aluminum gains in London but nickel falls 8% as trading glitches ensue