London Metal Exchange cancels nickel trades after price doubles

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A view shows nickel sheets at Kola Mining and Metallurgical Company (Kola MMC), a subsidiary of Nornickel metals and mining company, in the town of Monchegorsk in Murmansk Region, Russia February 25, 2021. REUTERS/Evgenia Novozhenina/File Photo

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LONDON, March 8 (Reuters) - The London Metal Exchange (LME) cancelled all nickel trades that took place on Tuesday when prices doubled in a matter of hours and spurred the exchange to suspend trading.

"The current events are unprecedented," it said in a notice to members. "The suspension of the nickel market has created a number of issues for market participants which need to be addressed."

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Reporting by Eric Onstad, Editing by Louise Heavens

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