The London Metal Exchange (LME) halted nickel trading on Tuesday after prices doubled to a record $100,000 per tonne, fuelled by a race to cover short positions after Western sanctions threatened supply from major producer Russia. The rare move underscores the market panic created by Russia’s invasion of Ukraine with buyers scrambling for the metal crucial for making stainless steel and electric vehicle batteries. “The LME has taken this decision on orderly market grounds,” said the LME, one of the world’s top commodity exchanges, adding it was considering the closure of several days. “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.” Three-month nickel on the LME more than […]