LME Halts Trading After Nickel Prices See Record Run

Demand for metals and prices have increased as Western nations attempt to shift to electric cars

A sign for the London Metal Exchange (LME) on a wall by the new Ring, the open trading floor of the LME following its relocation in central London on Feb. 18, 2016. Leon Neal/AFP via Getty Images

The London Metals Exchange (LME) said it was forced to cancel all nickel trades on March 8, after the contract spiked as much as 111 percent to more than $100,000 per tonne, before trading was halted.

The LME said the halt was due to the conflict Ukraine as well as the low-stock environment and high pricing volatility, and that the “current events are unprecedented,” adding that it was working to ensure the orderly functioning of the market.