The London Metal Exchange (LME) cancelled nickel trading on Tuesday after an unprecedented 250% price spike triggered by Western sanctions against Russia.

Prices for the metal, mainly used in stainless steel, soared to a record above $100,000 a tonne amid a vicious short squeeze — the largest-ever on the LME.

The 145-year-old exchange responded by halting trade, and in a later update announced the cancellation of all trades and deferring delivery of all physically settled contracts. The contract was suspended at $80,000 per tonne.