Nickel Chaos Goes Silent as China and London Hit Pause on Trading

(Bloomberg) — Nickel futures weren’t trading anywhere in the world Wednesday after prices in Shanghai hit the daily upward limit in the wake of unprecedented moves and a trading suspension on the London Metal Exchange (LME).

In overnight trading of the metal on the Shanghai Futures Exchange — China’s top commodities bourse — prices surged 17% to the daily limit of 267,700 yuan ($42,373). That meant there wouldn’t be any more trades during the session, which ended at 3 p.m. local time, unless transactions were concluded below that price.