Hedge fund Elliott Associates has been granted permission to appeal its court defeat over the London Metal Exchange's (LME) decision to suspend nickel trading and cancel billions of dollars of trades last year, according to a report by Bloomberg.

The report cites a regulatory filing by Hong Kong Exchanges and Clearing Ltd, LME's parent company, as revealing that the Court of Appeal in London has granted Elliot's application to appeal a judgment that went in the exchange's favour last month.

The timing of the appeal, which the LME says it plans to contest, is yet to be determined, according to the filing.

Jane Street, which lost the initial case against the LME with Elliot in November, said at the time that iot would be evaluating its next move.