On the 8th of March 2022, the three-month nickel price suddenly soared to an unprecedented US$100,000/t on the London Metals Exchange (LME). This was more than double its closing price of US$42,995/t from the previous day. The sudden price movement saw the LME suspend trading of the contract.

The nickel market was rocked to the core in March when a disruption to open trade took place. Prices surged to over US$100,000/t on the LME and trading was forced into suspension.

The global energy crunch is hitting Europe the hardest, with the continent looking to face a challenging winter amid an energy standoff with Russia.

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