The war in Ukraine broke the nickel market. The risks had been building for years.
The 145-year-old London Metal Exchange failed to see the risks coming, partly because they were hidden from view
Commodity prices are hot right now. But the prices investors are paying in the open market for commodities like coffee, copper or corn can have little to do with the price customers pay at the store. WSJ’s Dion Rabouin explains. Illustration: Adele MorganLONDON— Banks and brokers lent heavily to producers and speculators eager to take a position on the humble metal, a key ingredient in stainless steel and electric-vehicle batteries.
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