COM - LME halts nickel trading after price spikes above $100K/ton

The London Metal Exchange said it suspended trading in its nickel market "following further unprecedented overnight increases in the three-month nickel price." Nickel prices (LN1:COM) have skyrocketed by as much as 250% over the past two days to hit record highs above $100K/metric ton, in the largest price move ever seen on the LME, according to Bloomberg. The LME contract rose as much as 111% to $101,365/ton, more than 3x higher than a week ago, then pulled back to ~$80K/ton when trading was halted. "Price action in the nickel market overnight suggests a sense of panic, and the squeeze on commodity supplies is going nowhere soon," Oanda analyst Jeffrey Halley says. Russia produces 17% of the world's top-grade nickel, used to make stainless steel and batteries for electric vehicles. Russia's Norilsk Nickel (OTCPK:NILSY), which is responsible for 5% of the world's annual production of nickel and 40% of its palladium,

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LME halts nickel trading after price spikes above $100K/ton