The Strategist

Nickel trading in London will not resume until at least Friday

03/09/2022 - 08:42

Nickel trades on the London Metal Exchange (LME) are unlikely to resume before Friday, the exchange said.

The sanctions imposed by a number of countries against Russia have contributed to a spike in commodity prices due to concerns about disruptions of supplies to the market. 

A day earlier, the cost of nickel at the LME due to concerns about supply has jumped more than twice and for the first time in history exceeded $ 100,000 per ton. After that, the exchange suspended trading in nickel.

"The LME does not anticipate the resumption of nickel trading before March 11, 2022," the statement said.

The exchange also stresses that for the time being it plans to trade only during European business hours and set a daily price fluctuation limit of 10%.