The London Metal Exchange, rocked by controversy over spiking nickel prices, said Wednesday that its chief executive has reversed his decision to quit.

"Matthew Chamberlain, CEO of the London Metal Exchange (LME) and group head of commodities, is to remain in his post," LME owner, Hong Kong Exchanges and Clearing Limited, said in a statement.

"His decision allows him to drive forward the LME's long-term development as the world's leading trading, hedging and pricing centre for industrial metals."

Chamberlain, who has been in his position since 2017, had previously announced his departure in January.

Nickel, used in stainless steel and electric vehicle batteries, had spiked on March 8 to a then-record high of $101,365 per tonne on a bad bet from a Chinese billionaire after Russia's invasion of Ukraine.

The LME subsequently decided to cancel all trades made that day and temporarily halted trading.

That left nickel's record high at $48,002 per tonne, set on March 7.

The turmoil also prompted fierce investor criticism of LME management, while UK financial regulators have launched a review into the matter.

"Events of recent weeks have brought into focus the importance of the LME and the metals markets," Chamberlain added Wednesday.

"I want to continue to work with the team on supporting the long-term health and efficiency of the market and drive forward the sustainable development of our industry.

"We have only just begun to deliver the positive long-term enhancements to the metals market and we are committed to making LME an even more attractive and resilient market with more liquidity and more participation."

Moscow's invasion sparked nickel market chaos because of concerns about supplies from Russia, the world's third biggest producer of the industrial metal.

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