LME Doesn’t Expect to Restart Nickel Trading Before March 11
By Jack Farchy
The London Metal Exchange said it doesn’t expect the nickel market will reopen before March 11, after trading was suspended Tuesday following an unprecedented surge in prices.
While it implied that trading could resume on Friday, the exchange stressed that it was not announcing a firm date “given the uncertainties in the broader market.”
The exchange said that all of its clearing members had met their margin requirements in full. Earlier, it canceled trades that took place after midnight on Monday, when prices rose from around $50,000 a ton to over $100,000, and said it would calculate margin requirements based on Monday’s closing price.
“The LME understands that credit conditions in the broader commodities markets have been placed under stress due to geopolitical events and rising prices,” it said.
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