Nickel Halted After Historic 250% Surge Costing Chinese Tycoon Billions In Margin Losses

Commodity trading houses and hedging producers are being forced out of their short nickel bets adding to an unprecedented short squeeze that had sent prices on the London Metal Exchange (LME) up as much as 250% in two trading days above $100k per ton, before the exchange issued an unprecedented trading suspension on Tuesday morning.

The parabolic price move began shortly after the Biden administration considered banning Russian crude imports helped spark a massive squeeze in commodity markets on Monday, especially in oil, gas, nickel, aluminum, palladium, and wheat. All hit multi-year highs or new record highs, according to Bloomberg.
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