News Analysis The London Metal Exchange (LME) on March 17 revealed that the bags of nickel stored in its licensed warehouse contained stones. The LME is supposedly the most trusted and secure minerals trading platform; however, it has had its share of trouble with nickel. The LME announced that nine nickel shipments found in one…
UK’s Financial Regulation Authorities Conducting Review Into London Metal Exchange
City regulators have launched an investigation into the London Metal Exchange after it suspended nickel trading last month. On March 8, the exchange, which is owned by Hong Kong Exchanges and Clearing, suspended its operations for more than a week and canceled billions of dollars of trades after experiencing significant volatility, prompted by supply fears amid Moscow’s invasion of…
Nickel Market in Disarray After Chaotic London Return
LONDON—The London Metal Exchange had hoped to get the global market for nickel motoring again on Wednesday after a week in limbo. It didn’t work out as planned. The world’s oldest metals exchange was forced to halt trading on its electronic system within a minute of opening due to a technical glitch and when it…
World’s Largest Nickel Producer Faces Billions in Losses; China Releases National Reserves to Rescue
The world’s biggest nickel and stainless steel producer, Tsingshan Holding Group, suffered a fiasco in a global capital sniping on the London Metal Exchange (LME) on March 7, with its 200,000-ton nickel forward contracts caught in a delivery default and facing potential losses of billions on its short positions. However, a dramatic reversal occurred, attributed…
LME Halts Trading After Nickel Prices See Record Run
The London Metals Exchange (LME) said it was forced to cancel all nickel trades on March 8, after the contract spiked as much as 111 percent to more than $100,000 per tonne, before trading was halted. The LME said the halt was due to the conflict Ukraine as well as the low-stock environment and high…
LME Resumes Trading After a 3rd-Party Power Outage
LONDON/BENGALURU—Trading on the London Metal Exchange (LME) resumed on Tuesday morning after a power outage as the world’s top marketplace for industrial metals struggles with declining volumes. Activity resumed at 0615 GMT following the outage at a third-party data centre on Monday evening, the LME said. The exchange, owned by Hong Kong Exchanges and Clearing…
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