London Metal Exchange (LME) faces review over nickel trading chaos
Amid the market chaos resulting from the invasion, the LME caused uproar among metals traders by cancelling all transactions made on 8 March, a move it said it needed to make to protect orderly trading
There are allegations that the LME canceled the trades in order to protect its biggest traders and partners.
Here, CNBC reports that the spike in nickel prices resulted in a short squeeze.
Systems error triggers fresh chaos as LME suspends nickel trading once again
Nickel prices more than doubled in a matter of hours on March 8, climbing above $100,000 a metric ton as one of the world’s top producers, China’s Tsingshan Holding Group, bought large amounts to reduce its short bets on the metal.
The nickel giant faces billions of dollars in losses from its short position.
"A lot of people are just really sick to the stomach of the way the market behaved last week
At least they were sick until the LME cancelled the trades?