LME Margin Call on Day Nickel Spiked Was Four Times Prior Record

The London Metal Exchange says it issued more than $7 billion of margin calls as nickel prices spiked on March 7 -- nearly four times the previous daily record -- a day before it suspended the market to contain a massive short squeeze.

The LME’s clearinghouse didn’t give details of what the cash calls would have been on March 8 if it hadn’t halted trading and controversially canceled billions of dollars of transactions at the highest prices. But the details provided in a filing on Wednesday shed more light on the massive strain placed on the LME and its members ...