London Metal Exchange Stops Trading Nickel Due to High Price

The London Metal Exchange (LME) stopped trading nickel, which is mostly produced in Russia, on March 8, after the prices doubled to an all-time peak of EUR 92,000 per ton.

Nickel is mostly used to produce stainless steel and various alloys and also increasingly in the production of batteries, especially those for electric vehicles.

Russia, which is facing serious economic sanctions due to the conflict in Ukraine, is the third biggest producer of nickel in the world, and the Russian company Nornickel is the main supplier of this high-quality ore.

The prices of nickel have quadrupled in the course of a week due to supply problems, and yesterday’s growth forced the LME to stop trading it for a longer period of time, due to the geopolitical situation which is behind the price trends.

London Metal Exchange

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stopping the trade

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