In early March, nickel futures on the Chinese owned London Metal Exchange (LME) surged by nearly 250 percent. The LME then made the unusual decision to suspend nickel trading for over a week, which canceled thousands of trades worth billions of dollars.
That debacle resulted in a probe and several lawsuits.
Recently, a Chinese banker explained why China was eager to acquire the LME in 2012.
“China wants pricing power, and the best way to do that is to buy a commodity exchange,” Charles Li Xiaojia, the Chief Executive of the Hong Kong Exchanges and Clearing (HKEX) between 2010 and 2021, explained in an interview with China Fund News on July 4….