London Nickel resumed trading and opened with a lower limit. The price was 36,005 US dollars higher than before the suspension, the bid-ask spread reached 3,850 US dollars, and the transaction was light. On Tuesday, the London Metal Exchange (LME) said in a notice to its members that in view of market feedback, the LME decided that the nickel market will open at 08:00 London time on each trading day until further notice, and enter the market at 07:30. previous trading session.
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For all nickel contracts due March 16-22, the delivery date will be pushed back to March 23, regardless of when the contracts were entered into.
When London nickel resumes trading, gains and losses will be capped at 5%, the LME said. The LME reiterates to its members that the one-day trading limit for other base metal contracts (except London Nickel) is 15%, and reaching any price limit will not automatically trigger a trading suspension. According to this, when the price hits the price limit range, market participants can continue to trade so that the price moves out of the limit as market conditions change.