Nickel trading resumed on Wednesday at the London Metals Exchange (LME) after a long suspension related to the war in Ukraine, but quickly stopped again due to a sharp decline.
Shortly after resuming at 08h00 GMT, the metal quickly exceeded the approved daily price fluctuation limit (set at 5%), falling to $43,995/ton, causing a new stop.
The exchange said in a statement: “After the resumption, the market reached the lower price range.” I explained that. “We stopped the electronic market to investigate possible problems with the price-limiting band and, of course, we will update the market,” he said.
Nickel, a metal used in stainless steel and electric vehicle batteries, hit a record high of $101,365 per ton on March 8 due to dangerous speculation by Chinese billionaires after Russia's invasion of Ukraine. At the beginning of the year, it was worth just over $20,000.
However, LME decided to cancel all the work that was carried out that day and stop commercialization.
This leaves the nickel record at $48,002 per ton set on March 7.
Vladimir Putin's invasion of Ukraine sparked market turmoil last week due to concerns about supplies from Russia, the third largest producer of nickel in the world.
Metal prices, which have already skyrocketed, have become even higher due to the bad decision of Chinese billionaire Xiang Guangda.
Guangda, the owner of the world's largest producer of nickel, Qingshan Holding Group (Tsingshan Holding Group), has been surprised by the war in Ukraine, although he has been betting on falling prices through short-term sales since the end of last year.
Then there was a “short squeeze”, that is, what is known as rising prices when short sellers start buying securities to reduce losses in the face of an unexpected surge.
-acc/zm
Últimas Noticias
Debanhi Escobar: they secured the motel where she was found lifeless in a cistern
Members of the Specialized Prosecutor's Office in Nuevo León secured the Nueva Castilla Motel as part of the investigations into the case
The oldest person in the world died at the age of 119
Kane Tanaka lived in Japan. She was born six months earlier than George Orwell, the same year that the Wright brothers first flew, and Marie Curie became the first woman to win a Nobel Prize
Macabre find in CDMX: they left a body bagged and tied in a taxi
The body was left in the back seats of the car. It was covered with black bags and tied with industrial tape
The eagles of America will face Manchester City in a duel of legends. Here are the details
The top Mexican football champion will play a match with Pep Guardiola's squad in the Lone Star Cup
Why is it good to bring dogs out to know the world when they are puppies
A so-called protection against the spread of diseases threatens the integral development of dogs
