The London Metal Exchange has lost its benchmark status in a key part of the nickel market since last year’s massive short squeeze, according to one of the biggest producers. Christel Bories, chief executive officer of France’s Eramet SA, said that an index produced by Shanghai Metals Market “has become the benchmark” for pricing ferronickel, a form used for making stainless steel. Eramet says it is the world’s second-largest ferronickel producer. The loss of significance of its nickel contract is one of a number of challenges facing the LME in the wake of the crisis last March, when the exchange responded to ... (full story)