IGO. Nickel back on track- trading on the LME on Wednesday.

INVESTING Commodities Company News News Wire1h agoLME to Reopen Nickel Market March 16 After Xiang Short SqueezeJack Farchy, Bloomberg NewsTraders, brokers and clerks on the trading floor of the open outcry pit at the London Metal Exchange in London, U.K., on Feb. 28. , Bloomberg(Bloomberg) -- The London Metal Exchange will reopen its nickel market on Wednesday, more than a week after the exchange suspended trading and canceled about $3.9 billion of transactions as it grappled with an unprecedented short squeeze.Trading in nickel will resume after Xiang Guangda, whose large short position roiled the market last week, announced a standstill with his banks to avoid further margin calls. Xiang’s Tsingshan Group Holding Co. had been in discussions with banks led by JPMorgan Chase & Co. about a loan facility to backstop his short position and said Monday that talks on the funding would continue during the standstill period. The LME last week attempted a process to try to close out short positions by matching market participants with long and short positions before the market reopened, but received little interest. Xiang told the banks and brokers last week that he would like to keep his short position, Bloomberg reported at the time.Trading will resume at 8 a.m. London time on Wednesday.