Nickel trading suspended on the London Stock Exchange due to a technical problem

© Reuters Nickel trading on the London Stock Exchange has been suspended due to a technical problem

A technical problem has forced the London Metal Exchange (LON:) to stop trading nickel on its electronic system, with prices plummeting at the market open a week after trading was suspended.

As the market reopened for trading on Wednesday, nickel futures immediately fell 5%, the daily limit, before trading was suspended again.

The stock exchange indicated that it suspended electronic trading to investigate the problem, and that a small number of transactions will be canceled, but the phone trading is still working, and the brokers in the stock exchange were able to trade nickel today.

The stock exchange had fixed trading limits at 5% above or below the last closing price, before the suspension of trading on the eighth of March, and the London Metal Exchange said that if that price limit is reached, trading will not be suspended, but it will reject any bids higher than the upper limit. or less than the minimum.

The London Metal Exchange was already facing heavy criticism before today’s problem, after making the dramatic decision to suspend trading and cancel several hours of trading, when brief pressure sent prices skyrocketing last week.

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