The London Metal Exchange on Tuesday suspended trade in nickel after the base metal rocketed to a record peak above $100,000 as Russian supply concerns sparked sharp volatility. “Following further unprecedented overnight increases in the three-month nickel price, the LME has made the decision to suspend trading for, at minimum, the remainder of today,” the exchange said in a brief statement. Nickel earlier spiked to an all-time pinnacle of $101,365 per tonne. It later settled back to $80,000, up 66.4 percent from Monday, before the market was halted. “We suspect that a so-called short squeeze is partly responsible for the extraordinary price surge, in addition to the concerns about supply,” said Commerzbank analyst Daniel Briesemann. “Some market participants who had been betting on falling prices were clearly surprised and wrong-footed by the price upswing and momentum since Russia’s invasion of Ukraine.” A short squeeze occurs when investors bet on falling prices but are then wrong-footed by the market and forced to close out their positions and purchase at a far higher price, sparking a volatile spike.
Days after the Supreme Court issued clarification on the reserved seats verdict, National Assembly Speaker…
The Islamabad High Court (IHC) has nullified the ECP decision to replace Justice Tariq Mehmood…
Prime Minister Shehbaz Sharif announced on Thursday Pakistan's intention to enhance its trade, economic, energy,…
President Joe Biden has emphasised the importance of Washington's ties with Islamabad for "regional stability…
The Supreme Court Thursday dismissed a petition filed by PPP's Ghulam Rasool, challenging the election…
Pakistan's UN Ambassador Munir Akram on Wednesday warned the UN Security Council of a "serious…
Leave a Comment