LME Suspends Nickel Trade over 'System Error', Probe Initiated
The London Metal Exchange (LME) has suspended trading of some nickel contracts due to some 'system error' into which an investigation has been initiated.
"All Nickel trades executed on LMEselect at the lower daily price limit will remain. The small number of Nickel trades executed on LMEselect below the lower daily price limit will be cancelled," the exchange said in a statement.
The LME will continue to investigate the IT system error and will update the market in due course about a future re-opening of the nickel market.
"The LME will make every effort to reopen LMEselect for Nickel trading as soon as possible," the statement added.
Notably on 8th March following an unprecedented increase in the nickel price on the LME, it had suspended the trading in the most-active three-month contract for the rest of the session.
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