LMEWEEK-Spotlight on LME nickel debacle and the fate of Russian metal – by Pratima Desai (Reuters – October 19, 2022)

https://www.reuters.com/

LONDON, Oct 19 (Reuters) – Possible sanctions on Russian metal, lawsuits, a battle to recover trust and a slump in nickel trading after the March fiasco are just some of the headwinds facing the London Metal Exchange (LME) as the industry prepares to meet in the British capital.

Market fundamentals and industry developments typically dominate talks between producers, traders, miners and end users, crowned by cocktails and dinner in London’s Mayfair district.

But front and foremost this year will be the biggest crisis to hit the world’s oldest metals forum in decades after it was forced to cancel all nickel transactions on March 8 as prices climbed to a record above $100,000 a tonne in disorderly trade.

Among those counting the cost of the voided trades are U.S.-based hedge fund Elliot Associates and Jane Street Global Trading, which have been granted permission by a British court to sue the LME and are demanding damages of $456.4 million and $15.34 million respectively.

For the rest of this article: https://www.reuters.com/article/lmeweek-russia-nickel-aluminium-idUKL8N30F4T7