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Plans to launch two new nickel trading platforms aimed at challenging the London Metal Exchange (LME) have encountered setbacks due to BHP's intended suspension of its plants in Western Australia. This suspension has prevented BHP from committing to the new platforms. Following a market collapse in March 2022, LME nickel experienced a decline in interest from both consumers and producers. However, the delays affecting the new platforms have allowed the 147-year-old exchange to maintain its dominance in global nickel trading. The initiatives were initially supported by BHP, the world's largest publicly traded miner. BHP had previously criticized LME nickel for not reflecting the physical market and had called for necessary reforms. To effectively compete with the LME, the new platforms needed BHP's nickel volumes. Both platforms are now seeking alternative sources of supply but had originally depended on BHP's commitment to supply nickel to their platforms. UK-based Global Commodities Holdings (GCHL) had announced plans to introduce a physical nickel platform in response to the 2022 market crisis. During that crisis, nickel prices surged to record levels exceeding $100,000 per metric ton before trading was halted, causing significant disruption in other markets. Similarly, Abaxx Technologies Inc., which operates a new Singapore-based commodities exchange, had planned to introduce the world's first contract for nickel sulphate, a key component in electric vehicle batteries. However, both GCHL and Abaxx were caught off guard by BHP's decision to suspend operations at its Kwinana nickel sulfate refinery and other nickel-producing facilities in Western Australia, according to two sources familiar with the situation. BHP, based in Australia, declined to comment on the matter. According to one of the sources, BHP is currently unable to publicly commit to either platform, given its recent announcement to close nickel operations. Despite this, BHP is a shareholder in GCHL and is expected to eventually participate in the nickel platform led by former LME CEO Martin Abbott. GCHL had stated in March that it would launch its physical metals platform in April.