Nickel prices have surged to the highest level in more than six months, underlining worsening trading conditions since market chaos broke out in March.
The benchmark nickel contract for delivery in three months surged briefly to hit the London Metal Exchange’s daily trading limit of 15 per cent, reaching almost $31,000 per tonne on Monday. That was followed by a 5 per cent rise on Tuesday after a nickel mine in New Caledonia, which supplies Tesla, cut its fourth quarter production forecast.
Trading sources said that the volatile price movements were a testament to the low liquidity that has haunted the market since the LME suspended and cancelled billions of dollars worth of nickel trades in March following an unprecedented price spike.
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