The LME (an HKEX company) suspended nickel trading for a week after a price surge caused by a short squeeze on Tsingshan Holding Group, the world's largest nickel producer, resulted in "disorderly conditions". Trading resumed on Wednesday 16 March 2022 at 8am.
The Russian invasion of Ukraine has put nickel prices in a tailspin following sanctions of the world's largest exporter of refined nickel and concomitant concerns on global supply.
Nickel demand is driven by stainless steel and battery pack demand in electric vehicles.
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