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The ramifications of 2022’s London Metal Exchange nickel trading debacle, including potential challenges to its nickel contract and the fate of the exchange itself will be hot topics next week as the metals industry descends on London.
As yet, there are no real alternatives. The Shanghai Futures Exchange offers a nickel contract on its domestic exchange, but trading it is difficult for foreigners who need an affiliation with a Chinese entity. Metal broking sources say speculation that Hong Kong Exchanges & Clearing 0388.HK would sell the LME and its clearing house is still rife, despite HKEx recently saying it remains committed to its London unit.
“The LME vigorously defended itself at trial, highlighting that the actions it took on 8 March 2022 averted significant and systemic damage to the nickel market as well as other metals markets and derivatives markets more widely,” the LME said in response to a request for comment.During the COVID lockdowns in 2020 and 2021, the event known as LME Week was virtual.
Meanwhile, the seminar on Monday Oct. 9 has attracted 600 delegates equivalent to the numbers from 2019, the LME said.On the fundamental front, discussions will focus on accelerating demand in future years as the shift towards electric vehicles and renewables such as solar and wind power are expected to create a bonanza for the industry.
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Nickel debacle casts long shadow as industry masses in LondonThe ramifications of 2022's London Metal Exchange nickel trading debacle, including potential challenges to its nickel contract and the fate of the exchange itself will be hot topics next week as the metals industry descends on London. On March 8, last year, the 145-year old exchange was plunged into crisis - forced to halt nickel trading for the first time since 1988 - when prices more than doubled in a few hours to records above $100 000 a metric ton.
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