Nickel’s Wild Moves Continue as LME Futures Jump by 15% Limit

Nickel surged by the 15% daily limit on the London Metal Exchange, adding to a string of sharp price moves as the market attempts to reset following a massive short squeeze.

Nickel futures were locked limit-up at $32,380 a ton by early afternoon in London, in the first day of gains since the market reopened on March 16 with new price restrictions aimed at preventing a repeat of this month’s chaos. Prices plunged by the limits with very little volume in the first four days of trading, before reaching a level on Tuesday where buyers finally returned to the ...