I don't have many words to describe what is happening in certain commodities market at the moment as the blowout continues at rather neck-breaking speed. Nickel ended trading last Friday with an already big surge targeting $30,000. Today, it has hit $100,000.
That despite the LME stepping in to set limits on spreads and even offer up the option to avoid delivery of the metal(s) in question:
The Russia-Ukraine situation has exacerbated conditions in the commodities market with plenty of players out there being caught out while liquidity is sapped due to fear and uncertainty. It's a massive short squeeze and a rather unprecedented one to say the least.