Nickel Squeeze Threatens London’s Place at Heart of Metals Trade
The crisis in nickel is raising questions about the LME’s structure, ownership and status in metal markets.
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The first short squeeze to plunge the London Metal Exchange into an existential crisis came over a century ago. In 1887, French industrialist Pierre Secretan set out to corner the copper market, sending prices more than doubling before he lost his grip and they collapsed.
In the years since, the exchange has survived world wars, scandals and defaults to cement its place as a City of London institution: the home of global benchmark prices for the world’s key industrial metals.