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Nickel Plummets in Correction to Short Squeeze – MobileInvestor
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Nickel Plummets in Correction to Short Squeeze

Nickel fell by the maximum allowable amount on the London Metals Exchange on Thursday, working backwards from last weeks’ tremendous short squeeze. 

Futures for the metal dropped by 8 percent to $41,945 a tonne, on a small smattering of trades. The day before, prices dropped by the previous 5 percent bottom following a week-long suspension of nickel trading after a chaotic week drove nickel up 250 percent in a single day, causing volatility to reverberate throughout the metals sector.

Analysts believe this is a sign that the market is recovering from last weeks’ short squeeze, during which top producer Tsingshan Group Holdings Co. found itself unable to pay margin calls on its $8 billion short position.