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Nickel Market Is Open But Frozen as Traders Await Further Drops

  • Nickel reopened limit down for a third day on Friday
  • Traders expect the market to begin trading near $30,000
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ANZ Expects to See Further Downside for Metals

The nickel market officially reopened on Wednesday, but in reality it remains frozen.

Buyers have stayed on the sidelines, watching as prices lurch downward by the daily limits introduced this week by the London Metal Exchange. Electronic trading stalled again Friday after a short flurry of deals when the market opened at 8 a.m., with a large number of sell orders at the limit-down price but no bids.