Nickel Trading Suspended As Prices Double In Short Squeeze

Nickel trading was suspended on the London Metals Exchange (LME) on Tuesday after prices doubled from Monday to $100,000 per ton as short sellers raced to cover bearish bets after Russia's invasion of Ukraine sparked a huge rally in metals and energy and agricultural commodities. Nickel prices had already soared by over 30 percent on Monday, triggered by a major short squeeze amid fears that supply from Russia would be disrupted by the war in Ukraine and the sanctions against Moscow. Russia supplies around 7 percent of global volumes of nickel,…