Nickel briefly surges by limit as report of blast spooks market

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Nickel briefly jumped by its 15% daily limit as an unconfirmed report about a blast at a nickel plant in Indonesia sparked the biggest rally since a historic short squeeze in March.

Nickel briefly jumped by its 15% daily limit, as an unconfirmed report about a blast at a nickel plant in Indonesia sparked the biggest rally since a historic short squeeze in March.

Wild price swings in nickel have become common in recent months, after some users curbed trading in the wake of the LME’s controversial efforts to rein in the runaway short squeeze in March. Those illiquid trading conditions mean even small shifts in supply and demand can spark large price moves. Monday’s rally also came amid thin trading conditions, with algorithmic investors known as commodity-trading advisers driving the move, according to Marex analyst Alastair Munro. Prices rallied 13% last week, putting pressure on traders who’ve been betting on a move lower.

 

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