Unexpected Turn: Elliott Investment Loses in Dispute over Nickel Market

In an intense legal dispute over the turbulent developments in the nickel market, Elliott Investment Management suffered a defeat. The UK Court of Appeal ruled in favor of the London Metal Exchange (LME), thereby affirming its controversial measures to stabilize the market. In response to an extraordinary short squeeze in 2022, the LME took drastic steps to halt trading activities and reverse existing transactions. These interventions have now been legally supported, as the court emphasized that the exchange possesses broad decision-making authority in crisis situations. With this ruling, the LME's sovereignty over its ability to act remains intact, while Elliott Investment Management must deal with the consequences of this decision.