Elliott Sues LME for $456 Million Over Nickel Chaos

The transcript discusses the London Metal Exchange's (LME) decision to cancel nickel trades in March following a massive short squeeze originating from China. Bloomberg's Martin Ritchie provides insights from Shanghai, explaining the LME's actions and the subsequent backlash. The LME defended its decision, citing market dysfunction and the need to protect clients. The incident involved a significant price rally and affected many stakeholders, leading to criticism of the LME's handling of the situation.

What was the primary reason for the LME's decision to cancel nickel trades in March?

• A regulatory requirement from the government

• A massive short squeeze originating from China

• A technical glitch in the trading system

• A sudden drop in nickel prices

Who provided insights into the LME's actions during the short squeeze?

• A Chinese steel tycoon

• Bloomberg's Industrial commodities reporter

• The CEO of the LME

• A financial analyst from Wall Street

What was the percentage increase in nickel prices during the short squeeze?

• 50%

• 150%

• 75%

• 100%

What was the reaction of traders to the LME's cancellation of trades?

• They were very angry

• They were relieved

• They were supportive

• They were indifferent

What did the LME's CEO emphasize about the market on the day of the short squeeze?

• The market was unaffected by the events

• The market was experiencing a minor issue

• The market was not functioning properly

• The market was functioning normally