Nickel trading resumed on the London Metal Exchange (LME) on March 16 after being suspended for more than a week. The exchange took an unprecedented step to halt trading in the nickel market on March 8 after a Chinese metal tycoon faced billions of dollars in losses due a large short position. Last week, nickel’s price skyrocketed, crossing the $100,000-a-ton mark for the first time. This was a big spike compared to the prices that averaged $24,016 per metric ton in February. The extreme volatility forced the LME to suspend trading for the first time since 1988. The base metal is an increasingly important component in the production of next-generation electric vehicle batteries for companies like Tesla. Advocates of green energy push see rising nickel prices as a threat to President Joe Biden’s climate agenda. To avoid large swings in price, the exchange also announced that it would apply daily upper and lower price limits. The huge spike …