1. The news that the London Metal Exchange (LME) announced the resumption of nickel contracts and Qingshan Industrial issued an important statement that it had reached a silence agreement with a syndicate of creditors of futures banks caused heated discussion in the market yesterday. Before the resumption of trading, LME issued two notices, 067 and 068 in 2022, which clarified the daily price limit, trading time and delivery time of nickel contracts.
2. First of all, regarding the limit of one-day price increase and decrease, LME067 notified clearly that the limit of one-day price increase and decrease of nickel contract was set at 5%, and that of other basic metals was 15%. In addition, the notice stated that touching any price ceiling will not lead to automatic suspension; And at the end of the transaction on March 16, decide whether to adjust the one-day price limit according to the market situation. LME predicts that with the normalization of market conditions, the one-day price limit of nickel contract will reach 65,438+05% like other basic metals.
3. Regarding the trading time, No.068 document pointed out that in view of the market feedback, LME decided to open the nickel trading at 08:00 London time every trading day and enter the pre-market trading time at 07:30.
4. As for the delivery time, Contract No.068 further adjusted Contract No.064. In the previous Notice No.064, the delivery time of nickel contracts signed before March 16 should be postponed from March 16 to March 22, but in the latest notice, LME postponed all nickel contracts from March/kloc-. For example, this will enable market participants to trade safely on March 16 without worrying about the need for physical delivery on March 18.