---
title: 'How Nickel Rose 300% in an Hour'
source: 'https://youtube.com/watch?v=e6VcJj8WSmk'
video_id: 'e6VcJj8WSmk'
date: 2026-07-31
duration_sec: 136
---

# How Nickel Rose 300% in an Hour

> Source: [How Nickel Rose 300% in an Hour](https://youtube.com/watch?v=e6VcJj8WSmk)

## Summary

This video recounts the dramatic nickel market spike of March 2022, when sanctions against Russia disrupted supply and prices more than doubled in a single hour. It explains how the London exchange halted trading, cancelled around $12 billion in transactions, and later faced a €9.5 million regulatory fine.

### Key Points

- **Sanctions and the nickel supply shock** [00:02] — Late February or early March 2022, sanctions against Russia multiplied. Because Russia was a major nickel supplier to Europe, disrupted supply chains caused nickel demand to grow exponentially, pushing prices up almost 300% in three days.
- **Nickel doubles in one hour** [00:17] — On March 8, 2022, nickel made an 'impossible feat': the price doubled in just one hour and exceeded $100,000 per ton on physical commodity futures.
- **Exchange halts trading and cancels trades** [00:45] — To quell panic, London's central stock exchange halted trading, claiming the move was manipulated—allegedly by Russian hackers. It then cancelled all nickel transactions made that day, affecting around $12 billion.
- **Scandal and the small print defense** [01:12] — A major scandal erupted over the violation of fair purchase and sale rights. Sellers who sold nickel at inflated prices refused to restore transactions, and the exchange said the sellers hadn't read the small print, meaning no one owed them anything.
- **Trading frozen for a week** [01:39] — Nickel trading was frozen for almost a whole week and restored on March 16 with restrictions to prevent another spike.
- **Regulator fines the exchange** [01:53] — The UK regulator later investigated the exchange's actions. In 2025, it fined the exchange €9.5 million for system and control failures during the nickel panic—an amount the exchange could easily cover.

### Conclusion

The nickel episode shows both the fragility of commodity markets under geopolitical stress and the enormous power exchanges hold over trading outcomes—including the ability to retroactively cancel trades.

## Transcript

gold and other precious metals rising like crazy.  What do you think about nickel, which has risen almost 300% in 3 days? End of February, beginning of March 2022. News about sanctions against Russia multiplied day by day.  Russia was an important and
large supplier of nickel to Europe. Sanctions disrupted supply chains and caused demand for nickel to grow exponentially.  Already on March 8, 1922, nickel made an impossible feat in just one hour.  The price
doubled and exceeded $100,000 per ton.  We are talking about real physical goods and commodity futures.  In this case, after purchasing nickel on the exchange, you should have received this nickel in physical
form.  To quell panic, London's central stock exchange halts trading. Considering this movement to be manipulated allegedly by Russian [music] hackers.  Of course, Russian hackers are to blame for everything, and afterwards the exchange cancelled all
nickel transactions [music] made that day.  At that time, the courts heard figures of around $12 billion in cancelled transactions.  The event took place in London. Otherwise, I would have thought [music] that the exchange was headed by Larisa Dolina.   A
major scandal immediately erupts in Europe .  The right to fair purchase and sale was violated.  And after the price returned to normal levels of 20-30,000 dollars per ton, sellers who sold nickel at
adamant and did not restore the transactions.  You, the exchange says, didn't read the small print at the end of the contract.  And if you had read it, you would have known that no one owes you anything.  And
. Nickel trading was ultimately frozen for almost a whole week.  On March 16, they were restored, but with restrictions, so as not to blow the roof off again.  The story was so high-profile that
the regulator later officially investigated the exchanges' actions.  In 2025, the UK regulator fined the exchange €9.5 million [music] for system and control failures during the nickel panic.  This amount is
so insignificant for the exchange that if the employees of this very exchange refused the morning American, they would be able to compensate for everything in a month.