When the commodity’s price went vertical last week, the metals industry plunged into turmoil not seen since the Tin Crisis of 1985. The open-outcry trading ring at the London Metal Exchange in February, several days before the nickel price spike. It was 5:42 a.m. on March 8 in London when the nickel market broke. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. On this day, however, metal traders across the city were glued to a screen, watching the price action on the electronic market, which was already open to accommodate Asian trading. Nickel prices usually move a few hundred dollars per ton in a day. For most of the past decade, they’d traded between $10,000 and $20,000. Yet the day before, the market had started to unravel, with prices rising by a stunning 66% […]