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Shanghai Nickel Jumps to Record With China Import Window Closing

  • Spike in LME prices is making it tough for Asian buyers
  • Russian nickel flows to China appear to be continuing
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LME Bans Orders Outside Daily Price Limits

Nickel rose to an intraday record in Shanghai after another spike in London put imports out of reach for many Chinese buyers.

The metal jumped as much as 14.5% to a record of 281,250 yuan ($44,206) a ton, the maximum allowed, on the Shanghai Futures Exchange before easing to 265,230 yuan as of the midday break. Nickel climbed by its trading limit of 15% on Thursday to $37,325 on the London Metal Exchange after Chinese tycoon Xiang Guangda covered some of his short positions.