6 June 2022 – The LME is facing a USD 456 million lawsuit after it briefly suspended trading in nickel in March 2022, to the displeasure of many traders. Asian base metals start the week on a positive note. And Acerinox and Aperam officially confirm talks on possible merger.
Nickel trading stop: LME faces first lawsuit
The LME’s controversial March 2022 nickel trading halt is facing its first legal repercussions.
The LME and LME Clear Limited have been named as defendants in a judicial review action filed by Elliott Associates and Elliott International in a UK court in early June, LME parent HKEX said in a statement.
Elliott’s damages claim is said to amount to USD 456 million.
Asian base metals start the week mostly positive
Asian base metals have started the week on a positive note following the Chinese Dragon Boat Festival.
Nickel contracts on the SHFE are up more than 2.1% in some cases. And the SHFE ni2206 contract is currently back at just under USD 33,700 per tonne. Nickel thus seems to be continuing its positive trend for the fifth day in a row.
SHFE aluminium rises by up to 2.45%. Coke up about 1.18%, iron ore 0.7% and Zinc 1.46%.
Acerinox and Aperam confirm talks on possible merger
The two major European stainless steel producers Acerinox and Aperam have now officially confirmed that they are talking about a possible merger, after rumours about it had been circulating last week.
Merger could lead to dominant position not only in Europe
If a merger between Acerinox and Aperam does indeed take place, it could create a group with a dominant position – especially in the European Union and the United States. Not only in our opinion, but also in the opinion of the two group managements, this is likely to bring the European and US competition regulators onto the scene.
- What happened to the EU alloy surcharges?
- Asian base metals mostly up
- US introduces Melt and Pour for aluminium
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