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Nickel’s Rapid Cool-Down Pushes London Price Near to China’s

Excavators in a pit at a nickel mine in Indonesia earlier in March.

Excavators in a pit at a nickel mine in Indonesia earlier in March.

Photographer: Dimas Ardian/Bloomberg

Nickel on the London Metal Exchange is getting closer to level-pegging with China’s main market after several days of limit-down losses -- a sign that the metal’s historic short squeeze is easing.

The premium of LME prices over those on the Shanghai Futures Exchange narrowed to less than 10% after a modest move higher Tuesday on China’s top commodities bourse. Nickel in London will again be subject to a 15% maximum down limit after its opening, due at 8:00 a.m. local time.