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LME halts nickel trading after contract soars to $100,000 a ton

Price doubles to new high after short squeeze after Russia invades Ukraine

The extraordinary surge in the price of nickel has led the London Metal Exchange to suspend trading in those contracts.   © Reuters

LONDON/HONG KONG (Financial Times) -- The London Metal Exchange has suspended trading in its nickel contract after the price doubled on Tuesday and soared to a record above $100,000 a ton amid a vicious short squeeze.

The 145-year-old exchange said it was evident the "evolving situation in Russia and Ukraine" had affected the nickel market and given the extreme price moves in Asian trading hours had taken the decision to halt trading on "orderly market grounds."

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