LME nickel price ‘drops like a stone’ on rush to liquidate

May 15, 2014 | 10:56 AM | Fleur Ritzema

Tags  LME, nickel, nickel prices, Fleur Ritzema

LONDON — Nickel has fallen more than $2,500 per tonne since Wednesday’s official settlement following a wave of selling that began as Chinese markets opened May 15 in a market that some traders thought had risen too far too fast.

After hitting a high of $19,830 per tonne, the metal plunged 9.6 percent to as low as $18,090 per tonne in overnight trading on long liquidation and commodity trading advisor (CTA)-based selling.....

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