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The Latest Breaking News from London Metal Exchange

London Metal Exchange fined £9.2m by City watchdog over nickel price spike

The FCA said the London Metal Exchange ‘should have been better prepared to address the serious risks posed by extreme volatility’.

Evening Standard

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

Saudi Investment Opportunities in Vaccines, Vital Medicines Worth $3.4 Bn

Saudi Arabia announced substantial investment opportunities in vaccines and medicines worth $3.4 billion, aiming to realize the Kingdom's goals of achieving pharmaceutical and health security and making Saudi Arabia an important center for this promising industry. Minister of Industry and Mineral Resources Bandar al-Khorayef explained that the ministry is keen…

Asharq Al-Awsat

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Morning Brief: Top Financial Stories Dominating on Tuesday, June 7

Reuters

Benzinga

Jane Street Global Sues London Metal Exchange Related For Canceled Nickel Trades: Reuters

London Metal Exchange faces its second lawsuit in a week for $15.3 million from U.S.-based Jane Street Global Trading, following the cancellation of nickel trades in March,

Benzinga

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

Caixin Global

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

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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

Aluminum Inventories Reach A New Low, Prices Plunged

Aluminum available for withdrawal at London Metal Exchange warehouses fell to a record low. Still, the latest sign of supply shortages isn’t enough to break the pessimistic sentiment that is ruling metals markets as demand worsens, writes Bloomberg. On-warrant aluminum inventories fell 9.7% to 260,275 tons, breaking a record set in…

Benzinga

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

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…

Benzinga

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

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 Guardian - 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.

The Independent UK

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Benzinga

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,

Benzinga

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…

Benzinga

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.

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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.

Benzinga

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…

Benzinga

Nickel Electronic Trading Halted As LME Hit By Glitch: Bloomberg

Nickel electronic trading halted minutes after it restarted at The London Metal Exchange (‘LME’), citing a technical issue with its new daily limit, as prices plunged when the market opened after a week-long suspension,

The Independent UK

London Metal Exchange to resume nickel trade

The London Metal Exchange says it plans to resume trading in nickel, a week after it was suspended when the price of the metal surged to over $100,000 a ton

Evening Standard

Questions for the London Metal Exchange to answer over nickel market chaos

City Comment: The FCA should investigate why the nickel market is closed

Benzinga

Nickel Trading To Resume In London With Curbs on Wednesday After Week-Long Halt: Report

Nickel trading will resume on the London Metal Exchange on Wednesday following a week-long suspension due to a historic short squeeze, Bloomberg News reported on Monday, citing a notice.

ABC News

How a billionaire's short bet on nickel shut down the London Metal Exchange

It was the stuff of a Hollywood film: A Chinese tycoon bet on a falling nickel price only to see it skyrocket 250 per cent.

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