Nickel futures consolidated below the $30,000-per-tonne level,...

Nickel futures consolidated below the $30,000-per-tonne level, moving back to where the LME market closed on March 4, the last trading day after unprecedented low trading volumes triggered a liquidity crisis for one of the most crucial industrial commodities. In early March, prices briefly topped the $100,000 mark amid a vicious short squeeze as China's Tsingshan Holding Group, one of the world's top producers, bought large amounts to hedge its short bets on the metal. Now, the market moves signalled a return to normal after several weeks of chaos, with trading volumes at average levels and investors' focus turning to concerns that slowing global growth will hit metals demand, particularly in top consumer China.