At some point the LME will have to open the nickel market or except being replaced by a non Chinese controlled alternative.
The LME's role as a benchmark price will be completely destroyed soon. The idea that it reverses trades between willing participants to protect a Chinese billionaire is ridiculous. However it is consistent with Chinese philosophy which has a different thought base than ours. For instance we think that governments should be subject to the law, their belief is that court verdicts must support party objectives. This is a good lesson in why the BRIC system must not be allowed to replace the USD as the world reserve currency.
Meanwhile real nickel transactions such as PAN's next shipment have to be based on some market valuation.
bacci
How Long can the LME nickel market close?
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