The global nickel market ground to a near standstill on Wednesday after surging prices prompted China’s leading commodities exchange to freeze trading in some of its most active contracts.
The Shanghai Futures Exchange said it was suspending trading for more than half of the nickel contracts traded in mainland China on Thursday, after they rose by the maximum amount allowed for several days in a row.
Earlier in Wednesday’s session, China’s benchmark SHFE nickel contract surged 17 per cent to the equivalent of more than $42,000 a tonne after unprecedented moves in London led to a trading halt that was expected to last until Monday at the earliest.
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