About one year ago, on March 8th, 2022, following a 250% rise in the nickel price within 24 hours, the London Metal Exchange suspended nickel trading on the exchange. They claimed it was due to the systemic risk to the market in an unprecedented price move and canceled all trades that took place that morning effectively rewinding the market to its closing position on 7 March 2022.

This week the UK's Financial Conduct Authority stated it had opened an "enforcement investigation" into the London Metals Exchanges conduct and price discovery systems from last year's more than doubling of the then nickel price from $48,000 to over $101,000 per tonne.