Skip to main content

Market Overview

Nickel Rises On LME As Buyers Return After Squeeze

Share:
Nickel Rises On LME As Buyers Return After Squeeze
  • Nickel volumes surged as prices traded within the London Metal Exchange’s daily limits for the first time since reopening last week, Bloomberg reported.
  • Prices climbed to a high of $29,700 a ton and remained within a 15% intraday limit set by the bourse.
  • Nickel prices jumped 250% in early March touching a record $101,365 a ton amid a short squeeze focused on China’s Tsingshan Holding Group Co.
  • China, the world’s largest base metals producer, and consumer is hit by its worst coronavirus outbreak in two years.
  • The country’s steelmaking hub of Tangshan faced the heat as lockdowns affected business.
  • The report added that by the close of trading on the LME, nickel fell 10% to settle at $28,159 a ton. Copper, aluminum, tin and zinc slipped in London, while lead advanced.
  • Photo via Wikimedia Commons
 

Related Articles (DBE + JJN)

View Comments and Join the Discussion!

Posted-In: Briefs nickelNews Commodities Markets General

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com