Nickel Rises On LME As Buyers Return After Squeeze

Author: Shivani Kumaresan | March 23, 2022 07:47am

Nickel volumes surged as prices traded within the London Metal Exchange’s daily limits for the first time since reopening last week, Bloomberg reported.
Prices climbed to a high of $29,700 a ton and remained within a 15% intraday limit set by the bourse.
Nickel prices jumped 250% in early March touching a record $101,365 a ton amid a short squeeze focused on China’s Tsingshan Holding Group Co.
China, the world’s largest base metals producer, and consumer is hit by its worst coronavirus outbreak in two years.
The country’s steelmaking hub of Tangshan faced the heat as lockdowns affected business.
The report added that by the close of trading on the LME, nickel fell 10% to settle at $28,159 a ton. Copper, aluminum, tin and zinc slipped in London, while lead advanced.
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