Nickel Tops $100,000 as Big Short Tests 145-Year-Old Exchange

(Bloomberg) — Nickel spiked briefly above $100,000 a ton on the London Metal Exchange amid a short squeeze that’s embroiled a major Chinese bank and encouraged rule changes from one of the world’s top commodity exchanges.

The material used in stainless steel and electric-vehicle batteries surged as much as 111% to $101,365 a ton after closing up 66% the day before. It pared gains to be up 74% at $83,500 a ton as of 3:10 p.m. in Shanghai.