The London Metal Exchange (LME) has announced that it has received an application for the approval of the “GEM-NI1” nickel brand, which is manufactured by China’s Jingmen Gem Co. Ltd. This approval is intended for the purpose of delivery against the LME’s nickel contract.
In the previous month, the LME granted approval to nickel produced by Quzhou Huayou Cobalt New Material Co., a subsidiary of China’s Zhejiang Huayou Cobalt Co. This approval resulted in the inclusion of Quzhou Huayou Cobalt New Material Co. as a listed brand. This marked the first new brand to be approved by the LME for delivery within its nickel contract since the reduction of the listing waiting period. This change was implemented as part of the LME’s initiative to reinvigorate nickel trade volumes following the crisis experienced in 2022.
Since March 8, 2022, nickel trade volumes have experienced a significant decline. This decrease followed a market disruption in which nickel prices surged by over 100% within a few hours, prompting the LME to halt trading for over a week.
Check out more Base Metals News!