Was recent sp increase due to the nickel metal short squeeze? from the news
"The London Metals Exchange has closed trading in nickel contracts until future notice, and will be cancelling trades from March 8th, 2022, following an unprecedented short squeeze that took the price of nickel from $25,400/tonne to $29,750/tonne in three trading days, then to $42,995/tonne on Monday, before intraday trading on Tuesday took the price beyond $100,000/tonne on trades that will now be cancelled."
Looks like all contracts above $100,000/ton will be cancelled and the nickel price should be back to $42,995/ton. The drop of nickel price affected the NC1 sp price. That is my guess which may be wrong.
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