The London Metal Exchange said it suspended trading in its nickel market "following further unprecedented overnight increases in the three-month nickel price," and likely will not reopen the market before March 11.
The LME contract rose as much as 111% to $101,365/ton, more than 3x higher than a week ago, then pulled back to ~$80K/ton when trading was halted.
The exchange said it would cancel trades that took place after midnight on Monday, when prices rose from ~$50K/ton to more than $100K.
"Price action in the nickel market overnight suggests a sense of panic, and the squeeze on commodity supplies is going nowhere soon," Oanda analyst Jeffrey Halley says.
Russia produces 17% of the world's top-grade nickel, used to make stainless steel and batteries for electric vehicles.