The LME had anticipated nickel trading would restart on Friday, but the criteria for restarting had not then been met.

Under the deal being discussed, the roughly 10 banks that were Xiang Guangda’s counterparts for his nickel bet would extend enough credit to cover his mark-to-market losses.

"Market sentiment is bearish as supplies are starting to ramp up."

The more immediate concern for all metals traders is whether the LME can fix its broken nickel contract, writes Andy Home.

Russia's invasion of Ukraine has led to a surge in prices of metals used in cars - from aluminum in the bodywork to palladium in catalytic converters to the high-grade nickel in electric vehicle batteries.

Russia's Ministry of Finance has cleared Norilsk Nickel to pay off its foreign debts in currencies other than the ruble.

Nornickel is not yet considering moving to new markets from its traditional ones but does have plans in place.

Chinese producers of nickel sulfate used in EV batteries stopped offering product due to the lack of price visibility.