The London Metal Exchange (LME) halted trading in its nickel market after an unprecedented price spike left brokers struggling to pay margin calls against deeply unprofitable short positions.
Nickel, used in stainless steel and batteries for electric vehicles, surged as much as 111 percent yesterday to trade briefly above US$100,000 a tonne.
The move the largest-ever on the LME came as investors and industrial users who had sold the metal scrambled to buy the contracts back after prices initially rallied on concerns about supplies from Russia, while brokers rushed to collect margin payments to cover their deeply unprofitable positions.
The material
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