Nickel price has soared past an unprecedented $100 000 a ton on the London Metal Exchange amid a huge short squeeze that’s embroiled in a major state-owned Chinese bank and encouraged rule changes from one of the world’s top commodity exchanges.
The material used in stainless steel and electric-vehicle batteries surged as much as 111% Tuesday after rallying as much as 90% the day before.
The market on the London Metal Exchange is in the grip of a massive squeeze in which holders of substantial short positions are being forced to cover at a time of low liquidity. Nickel rose 106% to $99 000 a ton as of 2:23 p.m. in Shanghai.