Stats › Bearmarkten en drawdowns › The nickel squeeze
Nickel rose 44 per cent in 24 minutes and four official accounts disagree on what the cancelled trades were worth
| Moment, London time | Price a tonne | Verandering |
|---|---|---|
| 3 March close | 27,112 dollars | 10.6% above the invasion day open |
| 7 March, 01:00 open | 29,770 dollars | - |
| 7 March, 07:16 | about 37,000 | about +28% |
| 7 March, 13:14 | 46,850 | +51.7% |
| 7 March, 18:59 close | 50,300 | +69% on the day |
| 8 March, 04:42 | 59,970 | +24.73% |
| 8 March, 05:44 | passed 70,000 | - |
| 8 March, 06:08 | 101,365 | +44% in 24 minutes |
| 8 March, 06:33 | 80,010 | - |
| 8 March, 08:15 | trading suspended | - |
Three month nickel. The 69 per cent single day move on 7 March was about 25 standard deviations on a twenty year basis and more than three times the largest move in that period, which is a descriptive standardisation rather than a significance test. At 06:04 on 8 March two consecutive trades eight seconds apart were 5,300 dollars apart. The market did not reopen until 16 March with a 15 per cent daily price limit, and Asian hours trading did not resume until March 2023.
Between 05:44 and 06:08 on 8 March 2022 nickel rose nearly 30,000 dollars a tonne, a gain of 44 per cent in 24 minutes. The regulator puts the cancelled trades at 13.373 billion dollars and the High Court at about 12 billion.
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