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How the Nickel Market Broke

It was 5:42 a.m. on March 8 in London when the nickel market broke.

The day before, the market had started to unravel, with prices rising by a stunning 66% to $48,078. Now, the traders watched with a mixture of horror and grim fascination as the price went vertical. Just after 6 a.m., the price of nickel passed $100,000 a ton.