When Matthew Chamberlain woke up at 5.30am on March 8 2022 and glanced at metals prices on his phone, he immediately knew something was wrong.
As the chief executive of the London Metal Exchange scrolled through his mobile — still bleary after dealing with emails until nearly 11pm the night before — he became “alarmed” at the speed at which the price of nickel was rising.
By 5.53am the nickel price had jumped 30 per cent — and was still going up. “I had never witnessed such extreme price movements,” Chamberlain says in court documents. “There was no doubt in my mind that the market had become disorderly.” Just after 6am nickel prices had soared past $100,000 per tonne, up from $60,000 when he awoke.
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