Nickel futures fell by 15% to hit their lower limit for the fourth consecutive day when the market opened on Monday, as participants continue to sell the metal while volumes remain low. The 15% limit within which nickel can trade on either side of Friday’s closing price is wider than the previous 12%.
Western sanctions against Russia over its invasion of Ukraine sparked concerns over the metal supply and supercharged existing upward momentum in the market. Earlier this month, prices briefly topped the $100,000 mark amid a vicious short squeeze as China’s Tsingshan Holding Group, one of the world’s top producers, bought large amounts to reduce its short bets on the metal.
