The price had recently risen sharply due to feared supply bottlenecks.
(Photo: Reuters)
Dusseldorf After a massive price increase, the London Metal Exchange LME suspended trading in nickel on Tuesday. In addition, all nickel transactions that took place during Tuesday will be cancelled. This was announced by the London Metal Exchange.
“The current events are unprecedented,” emphasized the LME. A permanent suspension is also possible. It also decided to postpone the delivery of due contracts.
Previously, the price of nickel had temporarily reached a new record high of 101,365 dollars per ton (93,038 euros). In the past two days, the price has risen by 250 percent.
The background to the price increase is primarily feared delivery bottlenecks as a result of the Russian war of aggression in Ukraine and the sanctions imposed as a result. Russia is one of the world’s largest nickel exporters. Nickel is particularly important for the refinement of steel products. The raw material also plays an important role in the manufacture of batteries for electric cars, for example. Even before the Ukraine war, there was a tight supply situation.
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