Unprecedented Surge Of LME Nickel in March 8th

On March 8, nickel prices more than doubled in a matter of hours. The price climbed above $100,000 a metric ton,exceeding the historical high in 2007.

The London Metal Exchange suspended trading in its nickel market after an unprecedented price spike. Since reopening on March 16, Friday was only the second day that the nickel market remained within the LME’s new daily price limits as it seeks to reset after a massive short squeeze sent prices spiking. But the extreme lack of liquidity in the market has left it exposed to erratic moves — prices rallied more than 9% and then fell as much as 7.4% in just the first 45 minutes of trading.

The instability of the market has caused the price of stainless steel products to soar, and the prices of end products such as stainless steel pipes, stainless steel plates, and stainless steel bolts have price risen sharply.

Hope the stainless market can return to normal state.

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