Nickel futures are not trading anywhere in the world on Wednesday, after prices in Shanghai hit their daily upward limit in the wake of unprecedented moves and a trading suspension on the London Metal Exchange.
Overnight trading of the metal on the Shanghai Futures Exchange — China’s top commodities bourse — saw prices surge 17% to the daily limit of ¥267,700 (US$42,373). That means there will not be any more trades during the current session, which ends at 3pm local time, unless transactions are concluded below that price.
It is a remarkably calm moment in the world of nickel trading after a tumultuous start to the…
