Traders are warning that thin volumes and erratic trading have disconnected the price of nickel on the London Metal Exchange from the rest of the global market.
The metal fell 3.8 per cent on Tuesday to $28,250 after rising as high as $33,575 a tonne last week, with the spike underscoring the severity of traders’ nine-month retreat from the LME.
Nickel for delivery in three months was $293 more expensive on the LME than the spot price at Monday’s close, marking the biggest contango — where the futures price is higher than the spot price — for the metal in at least a decade, according to Bloomberg data.
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