A ton of nickel – used to make stainless steel and electric vehicle batteries – was trading at $101,365 for a brief period on Tuesday, nearly double the price it hit at its peak in 2007. It later fell to $82,195.
The rise in the price of nickel prompted the London Metal Exchange to stop trading. “After the additional unprecedented overnight rises in the price of nickel in three months, the London Metal Exchange has decided to stop trading, at least, for the rest of the day,” the exchange said in a brief statement.
Palladium also fell from a record high, as it fell in spot transactions 0.9 percent to $2976.21 an ounce, after hitting an all-time high of $3440.76 earlier in the session.
On the other hand, gold settled near the psychological level of 2000 dollars, supported by strong demand for safe investment.
The Russian military operation in Ukraine and Western sanctions imposed on Moscow caused turmoil in the markets, which led to fluctuations in the prices of oil, gas, minerals and wheat, while stocks fell.