Between Friday, March 4 and Tuesday March 8, nickel futures did just that — soaring on the London Metals Exchange from about $29,000 to $100,000 per ton. On the London Metal Exchange, the premier trading and price-formation venue for industrial metals, nickel traded between $10,000 and $20,000 per metric ton and moved about $100 each day. Still, it's hard to say that the producers who used margin accounts to borrow money from brokers to short nickel — and now owe billions — are winners. The choice was particularly risky because Tsingshan doesn't produce Class 1 nickel, the only type of nickel the LME accepts. The decision to suspend and cancel nickel trades "was taken to preserve the systemic integrity of the market and to prevent disorder."

Source: CNN April 02, 2022 22:15 UTC