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The Latest Breaking News from LME

Copper Update - Pretty Fundamentals and Ugly Technicals

Fundamental supply and demand analysis finds support from technical analysis; the case for higher or lower prices can be compelling. It creates market confusion when they diverge, leading to sudden and potentially violent price volatility. Copper’s fundamentals remain bullish, but the technical picture has turned ugly.

UK to ban Russian diamonds, US sanctions target major gold miners

UK to ban Russian diamonds, US sanctions target major gold miners

Britain published plans to ban imports of Russian diamonds, copper, aluminium and nickel on Friday and announced new sanctions against Russia, targeting companies connected to the suspected theft of Ukrainian grain.

Copper Falls Below $4 per Pound

Copper Falls Below $4 per Pound

Many market participants remain bullish on the prospects for copper prices as Goldman Sachs and other analysts continue to call the red industrial metal the new crude oil. Copper is a critical input in green energy initiatives, boosting demand in an environment where inventories have declined, and new production will…

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Q1 2023 and Beyond- Base Metals

The base metals sector of the commodities market includes copper, aluminum, nickel, lead, zinc, and tin forwards that trade on the London Metals Exchange and copper futures that trade on the CME’s COME division. The base metals and industrial commodities sector declined in Q1 2023.

Base Metals- Q1 2023 and Beyond

The base metals sector of the commodities market includes copper, aluminum, nickel, lead, zinc, and tin forwards that trade on the London Metals Exchange and copper futures that trade on the CME’s COME division. The base metals and industrial commodities sector declined in Q1 2023.

JPMorgan is the unlucky owner of LME's fake nickel shipments

It's the second scandal involving fake nickel in as many months.

London Metal Exchange faces probe into $4 billion chaos in nickel market

The price spike of 250% last March led to cancelled trades and the first suspension of dealing in decades

Evening Standard

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Labour group tells Keir Starmer to end Brexit silence by backing new deals with EU

Labour group tells Keir Starmer to end Brexit silence by backing new deals with EU

Exclusive: Labour Movement for Europe says there is ‘no excuse’ for leader failing to back closer ties – proposing trade, energy and security

The Independent UK

Elliott Associates Sues LME for $456 Million in Nickel Debacle

Elliott Associates Sues LME for $456 Million in Nickel Debacle

HKEX’s London Metal Exchange wrongfully canceled trades in March price spike, American vulture fund alleges in U.K. lawsuit

London Metal Exchange sued for £360 million over suspended nickel market

London Metal Exchange sued for £360 million over suspended nickel market

The London Metal Exchange is being sued for $456 million (£363 million) over its decision to suspend nickel trading and cancel a day of trades.

Evening Standard

London Metal Exchange sued for $456m over cancelled trades

London Metal Exchange sued for $456m over cancelled trades

US hedge fund Elliott Management criticises decision to halt nickel trading after spike in prices

The Guardian - UK

LME boss Matthew Chamberlain reverses decision to leave after nickel market chaos

LME boss Matthew Chamberlain reverses decision to leave after nickel market chaos

The boss of the London Metal Exchange has reversed an earlier decision to leave, pledging to help fix the market instead following the controversial suspension of nickel trading last month.

Evening Standard

Surging Power Prices Trigger Severe Metal Crisis: FT

Surging Power Prices Trigger Severe Metal Crisis: FT

Inventories of aluminum, copper, nickel, and zinc, four of the main contracts traded on the London Metal Exchange, have plunged by up to 70% over the past year, as record power prices in Europe hit production and the Ukraine war threatened output from Russia, the Financial Times reports. Traders and big…

London Metal Exchange faces FCA and Bank of England investigation over nickel market shutdown

London Metal Exchange faces FCA and Bank of England investigation over nickel market shutdown

The LME suspended nickel trading on the morning of March 8 after Russia’s invasion of Ukraine resulted in ‘disorderly’ price moves

Evening Standard

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The Guardian - UK

London Metal Exchange faces review over nickel trading chaos

Bank of England and FCA to examine suspension of market at start of Russia’s invasion of Ukraine

The Independent UK

Bank of England and FCA to review London Metal Exchange over nickel suspension

The exchange suspended nickel trades from Tuesday March 8 after Russia’s invasion of Ukraine resulted in significant volatility.

Who Is the Unlikely Cast Behind Nickel's Big Squeeze?: Bloomberg

It’s been three weeks since nickel was suspended on the London Metal Exchange after a 250% price spike, and while trading has resumed, the market remains all but paralyzed,

Will chaos in nickel prices disrupt the EV boom?

The nickel market has been in disarray in recent weeks as prices soared to unprecedented levels before going on a freefall amid supply concerns and an unexpected short-squeeze by one of the world’s largest steelmakers. Nickel is one of the most common metal elements in the world used to make…

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Morning Brief: Top Stories Dominating Financial Media on Thursday, March 24

Nickel Turmoil Saga Continues With Another 15% Limit-Up Spike On LME: Bloomberg

Nickel surges by the 15% exchange limit for a second day at The London Metal Exchange, putting fresh pressure on bearish position holders after an unprecedented short squeeze earlier this month, reported Bloomberg. Nickel is up 53% during March in LME after wild swings. The report added that Nickel prices surged to…

Nickel Rises On LME As Buyers Return After Squeeze

Nickel volumes surged as prices traded within the London Metal Exchange’s daily limits for the first time since reopening last week, Bloomberg reported. Prices climbed to a high of $29,700 a ton and remained within a 15% intraday limit set by the bourse. Nickel prices jumped 250% in early March touching a…

Evening Standard

London Metal Exchange considers ban on trading Russian metals

The London Metal Exchange is talking with governments about whether it should keep allowing Russian metal to be delivered into its warehouse network, said Chief Executive Officer Matthew Chamberlain.

Evening Standard

Hedge funds line up lawsuits over nickel market chaos

THE LONDON Metal Exchange is facing possible lawsuits from hedge funds over the chaos in the nickel market that saw $4 billion of trades suddenly cancelled.

Nickel Hits Limit Down Again On London Metal Exchange, Falls 12%: CNBC

The benchmark three-month nickel contract fell 12% on Friday morning to hit a new trading limit, as heavy selling continued on international metal markets, reported CNBC. The price hit $36,915 a metric ton as it opened for trade, stated Refinitiv data. The London Metal Exchange, which still has some open outcry trading, has…

Avalanche of uncertainty drives markets to breaking point

Markets have limits. This year's crises are testing them.

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