Russia’s invasion of Ukraine in late February upended global metals markets and caused a nickel-trading fiasco at the LME
The LME, a unit of Hong Kong Exchanges and Clearing Ltd.
suspended trading of nickel contracts for more than a week in March, after an unprecedented surge in prices saddled some market—including a Chinese nickel giant—with heavy losses.
It was the first time the LME froze trading for a metal since the collapse of an international tin cartel in 1985, and the 145-year-old exchange came under heavy criticism from traders for the way it handled the crisis.
“Events of recent weeks have brought into focus the importance of the LME and the metals markets,” Mr. Chamberlain said Wednesday. He said he wants to support “the long-term health and efficiency of the market” as he remains in his post.
Nicolas Aguzin, chief executive of HKEX, said he was pleased with Mr. Chamberlain’s decision to stay with the company after “his handling of the unprecedented developments in the nickel market.”
More to come.
Credit: www.Businesshala.com /