The ban on trade with Russia which is a big nickel producer...

The ban on trade with Russia which is a big nickel producer started it. Then many caught like this one :A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after this week’s unprecedented price spike, according to people familiar with the matter. Xiang Guangda -- who controls the world’s largest nickel producer, Tsingshan Holding Group Co., and is known as “Big Shot” in Chinese commodity circles.
The LME said Tuesday that trades that took place in Asian hours before the suspension -- when prices rose from around $50,000 to above $100,000 a ton -- would be cancelled. Even at Monday’s closing price of $48,063, however, Tsingshan’s mark-to-market losses would number in the billions of dollars.