The London Metals Exchange (LME) said it was forced to cancel all nickel trades on March 8, after the contract spiked as much as 111 percent to more than $100,000 per tonne, before trading was halted. The LME said the halt was due to the conflict Ukraine as well as the low-stock environment and high pricing volatility, and that the “current events are unprecedented,” adding that it was working to ensure the orderly functioning of the market. “The suspension of the nickel market has created a number of issues for market participants which need to be addressed,” it said. Industrial buyers have been scrambling for the metal crucial for their products, causing the market to panic. The Western sanctions on Russia, which is threatening the global metals supply, had lead to the biggest crisis to hit the 145-year-old exchange in decades. Nickel is a key ingredient in making stainless steel …
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