LME Nickel Drops by 15% Limit, Narrowing Gap With Shanghai Price
- Prices plunge by most since 2015 on ongoing wave of selling
- LME’s management of the nickel market has angered investors
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Nickel fell by the daily limit for a fourth straight session on the London Metal Exchange as prices continue to nosedive after spiking earlier this month in an unprecedented short squeeze.
Futures fell by 15% to $31,380 a ton. in the biggest drop since 2015. That’s within reach of prices on the Shanghai Futures Exchange, and close to the $30,000 level that some traders have said would draw in buyers and allow the nickel market to start trading again in earnest.