Posted on 03/08/2022 5:58:27 AM PST by Rebelbase
KEY POINTS
The LME said in a statement that it had been monitoring the evolving situation in Russia and Ukraine and it was evident this had affected the nickel market.
Three-month nickel on the London Metal Exchange briefly jumped to a record high above $100,000 a metric ton, before paring gains.
“It is a very dangerous market right now because this is a market that is not driven by supply and demand, it is driven by fear,” Saxo Bank’s Ole Hansen said Tuesday.
The London Metal Exchange on Tuesday suspended the trading of nickel after prices more than doubled to surpass $100,000 per metric ton.
The LME said in a statement that trading will be suspended for at least the remainder of the day.
“The LME will actively plan for the reopening of the nickel market, and will announce the mechanics of this to the market as soon as possible” it added
More at the article link.
(Excerpt) Read more at cnbc.com ...
If a nickel price doubles, wouldn’t that make it a dime?
WTI is trading at 125.1 right now. Brent 129.5. Wheat was up a lot yesterday. Just about every commodity is skyrocketing. FJB.
And there is rejoicing and dancing in the streets of Sudbury
Correct it would be a dime but they will only be giving you 5 shiny pot metal pennies instead.
So now I have to hired an armed guard to watch over my my jar of loose change nickles?
Look at the commodities that are not skyrocketing and tell me why they aren’t. Why are they going down? Copper is one of them. Feeder cattle and Live cattle are moving in opposite directions.
I think the nickle content in today’s coins is so small you don’t have anything to worry about.
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