Nickel’s Wild Moves Continue as London Futures Jump by 15% Limit

(Bloomberg) — Nickel jumped by the 15% daily limit on the London Metal Exchange (LME), adding to a string of sharp price moves as the market seeks to reset following an unprecedented short squeeze and week-long trading halt.

Prices were 14% higher after briefly hitting the new intraday limit that the LME introduced this month to help stabilize the market. While nickel futures reopened March 16, trading was effectively frozen until yesterday as the metal plunged by the limit at the open each morning.