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a technical problem. Darwei Kung, a DWS portfolio manager, said his team tried to execute trades at 4 a.m. ET. “That lasted two minutes,” or less, he told me. Soaring nickel prices could be the Official Schmidt shirt in contrast I will get this next major headache for automakers On Thursday, the price of the metal fell to $41,495 a metric ton, its daily limit, as traders scrambled to sell shortly after the market opened. Step back: Trade in many commodities — including other metals, agricultural products like wheat, and energy — has been turbulent since the pandemic scrambled supply chains. But the invasion of Ukraine — a major exporter of wheat and corn — and subsequent sanctions on Russia, a top exporter of oil, gas, nickel, aluminum and palladium, has made matters way worse. Traders are struggling to determine whether there will be shortages, leading to major price moves. “Clearly it seems like some of these markets are broken,” Warren Patterson, head of commodities strategy at ING, told me. Issues have been most extreme in the nickel market. The LME had to halt trading for the first time since 1988 last week after prices doubled in just a few hours. The roots of the chaos have been traced to Xiang Guangda, whose company, Tsingshan Holding Group, placed big bets that the price of nickel would fall. The wager backfired after the invasion sent metals soaring. But there are also signs of strain elsewhere. Patterson said the number of traders placing bets on oil has plunged as people wait on the sidelines for a break in volatility. Brent crude futures, the benchmark for global crude, leaped above $139 per barrel after the invasion, then plunged almost
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