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Nickel Prices Continue to Drop

The price of nickel once again fell by the maximum allowable amount on the London Metals Exchange on Friday, as the metal reeled from a huge short squeeze last week.

The metal dropped 12 percent to $36,915 per tonne, the third straight day the metal has plummeted to the greatest possible degree. reports that many traders expect the market to start trading at $30,000 per tonne, which would put it closer in line with the Shanghai Futures Exchange.

Nickel has now fallen 64 percent below the all-time high it reached on March 8.