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London nickel down 0.5% after market open as volatility recedes

Reuters
Updated ·1-min read
FILE PHOTO: Traders work on the floor of the London Metal Exchange, in London

LONDON (Reuters) - Benchmark nickel on the London Metal Exchange (LME) was down 0.5% at $32,740 a tonne shortly after trading began on Thursday, suggesting that the market is stabilising after extreme volatility in recent weeks.

The LME suspended nickel trading on March 8 after prices spiked by more than 50% to hit $100,000 a tonne.

Activity resumed on March 16 at an adjusted starting level of $48,000 and with daily price limits. Since then prices have see-sawed to $26,675 on March 22 and back to $40,700 on March 25.

The price surge was blamed on short-covering by one of the world's biggest producers, China's Tsingshan Holding Group. The LME has promised an independent review into the price rise and trading shutdown.

Nickel is used in stainless steel and to make rechargeable batteries that power electric vehicles.

(Reporting by Peter Hobson; Editing by David Goodman)