Nickel Tumbles 12% in Latest Glitchy Start to London Trading
- Trades that went through outside the limit will be canceled
- LME reopened its nickel market Wednesday after suspension
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Nickel dropped by the maximum allowed for a third day in another glitchy opening in London, as the price continues its retreat from an unprecedented short squeeze last week.
It’s the third straight day that electronic trading suffered from problems related to the London Metal Exchange’s new daily limits, introduced following the runaway price spike. The latest error compounds an embarrassing week for the 145-year-old exchange, which already faced harsh criticism for its handling of the squeeze, when prices surged by 250% before the exchange moved to close the market and cancel several hours of trades.