HOLD: LME suspends nickel trade over unprecedented price rise

New Delhi, March 8 (IANS) Following an unprecedented increase in the price of nickel, the London Metal Exchange (LME) on Tuesday suspended trading in the most-active three-month contract for the rest of the session.

“The LME, in close discussion with the Special Committee, has been monitoring the LME market and the effect of the evolving situation in Russian and Ukraine. It is evident that has affected the nickel market in particular, and given price moves in Asian hours this morning, the LME has taken this decision on orderly market grounds,” the exchange said in a statement.

Nickel is in stainless steel and electric-vehicle batteries.

Nickel contracts surged as much as 111 per cent during the Asian trade on Tuesday to breach $100,000 per tonne, as per reports.

Except the said contract, all other contracts will continue to trade as normal, the exchange said.

It however added that it will closely monitor the contracts.

–IANS

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