Nickel prices fell 12% on the London Metal Exchange

3-month nickel contracts retraced 12% on Friday morning to new trading levels, as heavy selling continued in the international metals markets.

The price reached 36,915 dollars per metric ton with the opening of trading on the London Metal Exchange.

Nickel prices doubled within hours on March 8, surpassing $100,000 a metric ton, as China’s Tsingshan Holding Group, one of the world’s largest producers, bought large quantities to reduce its bets on the metal, and trading had to be halted because the move led to The price hike was exacerbated at a time when minerals were already surging against the backdrop of the escalating Russian conflict in Ukraine.