Metals

LME nickel to trade in Asian hours for first time since crisis

CBCIE Time:Feb 24, 2023 17:10 Source:mining

The London Metal Exchange will reopen nickel trading during Asian trading hours from March 20, in what is likely to provide an important liquidity boost for the market that has struggled to recover after last year’s crisis.

The LME halted trading for a week and canceled billions of dollars of transactions in the nickel market in March 2022 in an effort to rein a runaway short squeeze centered on top producer Tsingshan Holding Group Co. Trading has remained suspended during Asian hours, which was when prices spiked most sharply during the squeeze, and currently opens at 8 a.m. London time.

The nickel contract has been dogged by low levels of liquidity since the squeeze, contributing to erratic trading conditions that have cast doubts about its viability as the world’s benchmark pricing mechanism for the metal used in batteries and stainless steel. The crisis — which brought several members to the brink of default — has also sparked regulatory investigations and lawsuits, with some major investors vowing never to trade on the bourse again.

The LME has been seeking to restart trading during Asian hours for several months, and it said on Thursday that it hopes the resumption will “further contribute to liquidity rebuilding in the nickel market.”

Key Words:

All articles, pictures, reports and other original works on the website that are attributed to CBCIE are non-public information, only for members. No one may reproduce or otherwise use the original content of this website without our permission. If you need to use it, please call
+86 18135172048 to apply for authorisation. CBCIE reserves the right to pursue any infringement and citation contrary to the original intent.

Disclaimer:CBCIE is committed to building a comprehensive and authoritative metal information platform, and strives to provide a full range of data and information services and decision-making support for metal industry researchers and practitioners. However, the information on this website is for reference only and is not intended as direct advice for investors' decision-making. Any investment, purchase, sale or operation based on the information on this website should be at your own risk and is not related to CBCIE.

Contact us

Contact us for more CBC information and services.

Get in touch
CBC专家咨询 关闭
close
WeCom

CS Manager:
Zizhen Zhang

+86 18135172048