Nickel Prices Finally Fall Following Historic Short Squeeze

Three weeks ago,  a historic nickel short squeeze sent nickel prices soaring to an astonishing $100,000 per tonne–doubling the previous all-time high over the course of one morning–and plunged the London Metal Exchange into an existential crisis. The LME subsequently closed trading and took the dramatic step of retroactively scrapping $3.9bn worth of trades made prior to the suspension–outlining the nickel market had become disorderly with prices no longer reflecting the underlying physical market. Luckily, some semblance of normalcy has…