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Nickle Price Surge Disrupts China Downstream Production: Herald

MNI (Singapore)

The unprecedented surge in the price of nickel on the London Metal Exchange in the last two days has disrupted China’s downstream industrial production, the 21st Century Business Herald said. Some nickel suppliers stopped accepting orders to wait out the turmoil, the newspaper said. On Tuesday, a major stainless-steel exchange in Wuxi halted nickel trading to control risks, the newspaper said. Nickel is an essential metal for producing stainless steel and batteries. The price of nickel surged as much as 250% in two days, touching record USD101,365 per ton, fueled partly by the speculation that top Chinese producer Tsingshan was caught in a massive short squeeze.

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