LONDON : With memories still fresh of the nickel market meltdown in March, the industry didn't need a reminder about just how dysfunctional the London Metal Exchange's nickel contract has become; but last month it got one anyway.
Declining liquidity, together with low stocks, has led to high LME nickel prices this year, pushing up costs for industrial users already grappling with surging inflation. Worries about supplies from major producer Russia after it invaded Ukraine and the cutting of large short positions, or bets on lower nickel prices, culminated on March 8 in disorderly trade which saw prices double to above $100,000 a tonne in a matter of hours.
But on Nov. 14 and 15 the LME's nickel contract traded at a premium to ShFE for the first time since March, which sources said was a sign of a dysfunctional market as it didn't reflect fundamentals. This combined with contract maturity fuelled an explosive upward move in nickel trading that was only stopped by the daily price limits of 15 per cent imposed by the exchange in March."The LME has the power to investigate unusual trading activity and to take disciplinary action as appropriate," the exchange said in response to a request for comment.
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