Months after volatility revealed shortcomings in LME oversight, nickel contracts are still troubled. Volumes and liquidity are falling, depriving the nickel sector of a global reference price.
Concerns about supply and large deficit positions after the main producer Russia invaded Ukraine resulted in erratic trading on March 8 last year, when prices doubled to over $100,000 per ton in a matter of hours.
The world's largest and oldest metal exchange cancelled all nickel transactions that day when it was facing legal action, suspending the market for the first time since 1988.
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