The LME has lost its status as a benchmark for an important part of the nickel market to the Shanghai Metals Market index, a major blow considering the ongoing legal troubles and decreased use of the LME as a benchmark for Class II nickel.
Nickel prices have begun to rebound after falling over 14% throughout May, but uncertainty and volatility are expected due to the LME's instability.
The LME is currently facing a lawsuit of $472 million by hedge fund Elliot Associates and trading firm Jane Street Global Trading over the handling of the March 2022 nickel squeeze.
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