The London Metal Exchange suspended electronic trading in nickel on Wednesday, just moments after the world’s main market for the metal reopened for business following a week-long shutdown.
Wednesday’s fresh trading halt came after the price of nickel tumbled when the market opened. Newly installed curbs to support the resumption were meant to prevent the price from declining by more than 5 per cent, but some trades appeared to have breached the limit of $45,590 a tonne, according to Refinitiv data.
The LME said it would halt electronic trading to “investigate” the issue, but that it would still allow in-person dealings later in the day around the famous red sofas on its Ring venue, and also through an inter-office telephone exchange between members.