Nickel prices resumed their freefall on Monday, with the benchmark three-month contract falling 15% to hit another new trading limit.
The price hit $31,380 a metric ton as it opened for trade on the London Metal Exchange, according to Refinitiv data.
The 145-year-old exchange, which still has some open outcry trading, has had a wild couple of weeks of nickel trading, with price surges, technical glitches and trading suspensions. Commodity prices jumped earlier this month on supply fears related to Russia's invasion of Ukraine, with a barrage of Western sanctions raising disruption fears. Russia is a key producer and exporter of metals and grains and is the world's third-largest producer of nickel — a key ingredient in stainless steel and a component in lithium-ion batteries.in a matter of hours.
Trading was halted on the LME as the move added to a significant price rally. On Wednesday last week, the LME attempted to resume nickel trading after the rare shut down. However, a "systems error" allowed a small number of trades to go through below a newly imposed 5% daily price limit, and the exchange was temporarily halted once again.
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