The London Metal Exchange has enraged some of the world’s most influential electronic traders after it shut down its nickel market and unwound thousands of deals in response to a spike in the price of the metal.
Months after the 145-year-old exchange upset its traditional users by considering an end to raucous in-person dealing, the LME this week shut down its nickel trading — a market where it sets global benchmarks — in a move last seen in tin in 1985.
The crisis measure came after the metal’s value more than doubled in two days, to a record above $100,000 a tonne, as a large bet against the nickel price left the tycoon behind Tsingshan Holding Group, China’s leading stainless steel group, facing billions of dollars in potential losses.
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