France's Eramet SA, one of the biggest producers, said the London Metal Exchange (LME) has lost its benchmark status in a key sector of the nickel market since a massive short sale last year, according to Bloomberg.
The London Metal Exchange has lost its benchmark status in a key part of the nickel market since last year’s massive short squeeze, according to one of the biggest producers.
(Reuters) - The London Metal Exchange (LME) has lost its benchmark status for a part of the nickel market to the Shanghai Metals Market, Bloomberg News reported on Thursday citing French mining company Eramet. | 07:48am
The London Metal Exchange has lost its benchmark status in a key part of the nickel market since last year’s massive short squeeze, according to one of the biggest producers.
Christel Bories, chief executive officer of France’s Eramet, said that an index produced by Shanghai Metals Market “has become the benchmark” for pricing ferronickel, a form used for making stainless steel. Eramet says it is the world’s second-largest ferronickel producer.