Skip to content

Nickel Is Back Where It Started Before March’s Two Days of Chaos

Nickel futures finally tumbled back below the level where the London Metal Exchange market closed March 4, the last trading day before prices exploded upwards in an unprecedented short squeeze.

It’s not the first time -- prices dipped under $28,919 a ton for a couple of days in late March. But the level is a key one because Tsingshan Holding Group Co., the company at the center of the crisis, had paid its margin calls up until March 4. Further margin payments above those levels have been waived under a standstill agreement with its banks, with Tsingshan pledging to reduce its short positions once “abnormal” market conditions subside.