Nickel Chaos Goes Silent as China Also Hits Pause on Trading
- Shanghai exchange’s nickel trading hits daily price limit
- LME probably won’t restart its nickel contract until Friday
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Nickel futures aren’t trading anywhere in the world on Wednesday, after prices in Shanghai hit their daily upward limit in the wake of unprecedented moves and a trading suspension on the London Metal Exchange.
Overnight trading of the metal on the Shanghai Futures Exchange -- China’s top commodities bourse -- saw prices surge 17% to the daily limit of 267,700 yuan ($42,373). That means there won’t be any more trades during the current session, which ends at 3:00 p.m. local time, unless transactions are concluded below that price.