Elliott Associates, a U.S.-based hedge fund, is exploring potential next steps against the London Metal Exchange (LME) for canceling nickel trades in March 2022. The hedge fund is seeking damages of $456.4 million following the surge in nickel prices to over $100,000 per ton on March 8, 2022, which led to the suspension of nickel trading and the annulment of trades on that day by the LME.

Recently, Britain's financial regulator fined the LME 9.2 million pounds for the previous incident where nickel prices spiraled out of control three years ago, marking the first enforcement action against a UK exchange. Elliott mentioned that they are examining the details of the Financial Conduct Authority's (FCA) Final Notice and assessing potential further steps in response to the matter.