LME brokers and their clients were hit with margin call after margin call. Save my name, email, and website in this browser for the next time I comment. Our nickel operations are in Canada, Australia, Norway, and New Caledonia. The exchange had serious concerns about the ability of market participants to meet their resulting margin calls, raising the significant risk of multiple defaults. Despite that, Chamberlaininsisted to Bloomberg TVon March 9 that the solvency of the LME itself was never in doubt. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to people familiar with the matter. Vale - 208,000 metric tonnes. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metalthe type deliverable on the LME. The spike was driven in large part by a short squeeze centered on Chinese tycoon Xiang Guangda, who hadamassed a big wagerthat nickel prices would fall through his companyTsingshan Holding Group Co.On Monday, a week after trading had been suspended, Xiang wasclose to securing a loan facilityfrom JPMorgan Chase & Co. and other banks that would allow him to maintain his short position and could lead to the market reopening. The company has a diversified basket of commodities, including nickel, which is famous because of electric vehicles. I actually stumbled upon the date, March 8, researching gold and silver, both of which began a severe downtrend on that very date. Mark Hansen, chief executive officer of Concord Resources, Help using this website - Accessibility statement. The investment is part of Ruperts non-brokered private placement for gross proceeds of about $35 million. Charged with maximising the value of Glencore's physical nickel assets across the global portfolio through supporting collaboration efforts to manage risk and improve operability and performance. Raglan Mine is a nickel-copper operation located in the Arctic region at the extreme limit of northern Quebec. The LME is now very likely going to die a slow, self-inflicted death through the loss of confidence in it and its products, predicted Thompson in a tweet. 20 kt/a nickel in concentrate) and Fraser Morgan (ca. The head of one London metals brokerage recalls feeling sick as he watched the moves, realizing what the spike in prices would mean for his company, the market, and the global metals industry. Its also one of the most important raw materials needed in making batteries for electric vehicles. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. Major international companies like BHP Group Ltd. and Rio Tinto Plc hedge against currencies, commodity prices and interest rates on an as required basis. Credit: INF News.com. Today, in addition to its electronic market, its one of the last exchanges where brokers still gather in person to yell orders at one another for part of the day. Chinese entrepreneur Xiang Guangda has been caught out by nickels price surge. ESC Mali school of busness. He blamed foreigners making some moves for nickels price spike in an interview with Chinese news outlet Yicai. Still, contracts on the LME are backed by physical metal in a network of warehouses around the world, providing a direct link with the real-world metals industry. spiked by as much as 250 per cent in little more than 24 hours. Nickels price moved sharply higher in the week after Russias military invasion. Then, as now, a key factor was the intervention of the exchange. Glencore Chief Executive Officer, Gary Nagle: "Overall production was mixed period-over-period (5 commodities up and 5 down in the table below), reflecting the Ernest Henry (copper/gold) and Bolivia (zinc) portfolio disposals, and geotechnical and processing challenges at Katanga, offset by improved cobalt, nickel and ferrochrome production levels and the . Share. Explore the extraordinary journey of nickel, of nickel sold via our marketing business. The head of one London metals brokerage recalls feeling sick as he watched the moves, realising what the spike in prices would mean for his company, the market, and the global metals industry. 1w. In this position, you will be responsible for the drafting of sales and purchase contracts and related legal documents. He was awakened by a phone call at 5.30am. Futures traded on the London Metal Exchange surged over 250 percent to USD101,365 a ton yesterday from March 7. Rio Tinto, the world's second-largest mining company by market capitalization, last week said it would lift annual capital investment to as much as $10 billion in 2024 and 2025, up around 25% on . On this day, however, metal traders across the city were glued to a screen, watching the price action on the electronic market, which was already open to accommodate Asian trading. Now they had to pay big margin calls on the exchange while receiving no margin from their client. The fallout was immediate. Some market rumors are circulating that Glencore might squeeze Tsingshan on LME Nickel for its 60% stake in a nickel mine in Indonesia. Nicknamed Big Shot in Chinese commodity circles, people who know him say he has absolute confidence in his convictions and doesnt hesitate to bet big on his visions for the future. Xiang wanted to increase Tsingshans production dramatically by producing so-called nickel matte for electric vehicle batteries. One thing is sure: If Xiang can weather the storm, Tsingshans nickel-producing assets stand to benefit from the higher prices, offsetting losses from the short. Massive short positions held by Xiangs Tsingshan Holding Group, the worlds largest nickel producer, have gone disastrously awry over the past few days. But much of Chinas academic and business community did not believe Russia would attack its neighbour. When prices rose above $20,000 he would consider shorting nickel, the people said, because his production costs in Indonesia were as low as $10,000 a ton. Iquique Chile Falconbridge . Xstrata Nickel Montcalm Mine 2007 - 2010 3 years. I see all automakers within a short time creating their own 4680 . Its not just a casino. #GlencoreCopper #MetalOfTheFuture https://lnkd.in/eEqPmJn9. 2017 - 2018 Yicai Global, Yicai Media Group. Resetting your password will log you out of all your active Yicai Global sessions. Why? China's manufacturing purchasing managers' index (PMI) climbed to 52.6 last month, the highest reading since April 2012. Nickel. Remember, when prices move up, traders like Xiang who have sold futures contracts face margin calls; they must put up more cash to cover potential losses. Cliff Asness, founder of AQR Capital Management, accused the LME, which was for more than a century owned by its members but in 2012 was sold to Hong Kong Exchanges & Clearing, of stealing money from market participants trading in good faith and giving it to Chinese nickel producers and their banks. Tsingshan Holding Group was looking at an $8 billion trading loss after nickel prices soared, The Wall Street Journal reported Tuesday . UNFORGIVEABLE,tweetedMark Thompson, a former trader at Trafigura and Apollo. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. The LME at the end of the day is a physical metal market, he says. Source: LME. The Nikkelverk Operations. It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. The company had plans to produce 850,000 tons of nickel in 2022, an increase of 40% in a year, according to a person briefed on them. For a while, it wasunclear which view of the market would prevail. Earlier this week, nickel prices in London spiked by as much as 250 per cent in little more than 24 hours. Nickels price moved sharply higher in the week after Russias invasion. Our marketing business markets nickel and nickel concentrates, as well as by-products and ferronickel. From a contractual perspective, you may be . Soaring coal and metal prices powered Swiss mining and trading firm Glencore to a net income of $5 billion in 2021, a notable recovery from its $1.9 billion loss in 2020. Xiang Guangda, the billionaire owner of Tsingshan Holding Group. The operations also include the Sudbury smelter. By Lucy Battersby. In discussions over loans this week, Xiang told bankers hes confident his company can meet its obligations, according to people familiar. But Xiang must now decide what to do with those positions, which give him outsize influence on the price of a metal used in everything from electric-vehicle batteries to stainless-steel kitchen appliances. (Bloomberg) -- A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after the metal surged more than 170% in two days, according to people familiar with the matter. . Major international companies like BHP Group Ltd. and Rio Tinto Plc hedge against currencies, commodity prices and interest rates on an as required basis. For a while, it was unclear which view of the market would prevail. Most analysts sided with Xiang, at least in the medium term, believing that nickel production led by Tsingshan and its competitors in Indonesia would outpace demand. The LME canceled transactions and suspended trading Tuesday after nickel's price jumped 90% to $55,000 per metric ton Monday, and then leapt again to a record high of $100,000 the next day . 02 March 2023. Xiang was aware of flaws in his strategy, people familiar with the matter said. As at January 31, 2023 Glencore holds 72,008,404 Common Shares, representing approximately 70.8% of the issued and outstanding Common Shares. Executives at Tower Research Capital, one of Wall Streets oldest electronic market-makers, reined in its trading activity on the LME and put its membership in the exchangeunder review. It was 5.42 am on March 8 in London when the nickel market broke. We're taking you for a deep dive into the world of copper - a versatile metal and important component for a low-carbon future. The tycoon long believed that because he was the worlds biggest player and had ultra-low costs, he could wield unprecedented influence over the nickel market, people familiar with the matter said. It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. The wild rise of nickel drew comparisons to the short squeezes in meme stocks such as GameStop that gripped retail investors for much of last year. Anyone using the LME needs to understand that. Tsingshan needs to increase the contract margins or roll over the futures if it decides to keep the contracts, which would require a huge amount of cash, an analyst told Yicai Global. Glencore Nickel. Still, the LME has weathered numerous scandals before in its 145-year history, from a 1985 crisis in the tin market that caused many brokers to go out of business to the incident when a trader at Sumitomo hid more than $US2 billion in losses. Long Term . Nickel prices doubled on Tuesday and briefly rose above a record $100,000 a tonne as banks and brokers rushed to close part of a huge position amassed by Xiang Guangda, the billionaire founder of . Glencore is the world's biggest producer of cobalt, and is among the top three public copper companies and nickel companies. 115 000 MT. Were working to restore it. In August 2021, Glencore increased its medium-term emission reduction target to a 50% reduction by 2035 on 2019 levels and introduced a new short-term target of a 15% reduction by 2026 on 2019 levels. He blamed foreigners making some moves for nickels price spike in an interview with Chinese news outlet Yicai. Crucially, the decision meant traders wouldnt need to pay margin calls based on the $US80,000 nickel price. LME brokers and their clients were hit with margin call after margin call. Still, the LME has weathered numerousscandalsbefore in its 145-year history, from a 1985crisis in the tin marketthat caused many brokers to go out of business to the incident when a trader at Sumitomo hid more than $2 billion in losses. MT. People forgot that this isnt a video game retailer; its an important physical commodity. There are also traders making plans to abandon the LME nickel contract, a move that would reduce market liquidity, making it harder for everyone from miners to car companies to manage their exposure to prices and access financing. WATCH: The Chinese tycoon, known as Big Shot in commodities circles is said to be facing billions of losses. Including positions on the London Metal Exchange and bilateral bets with banks, Xiang still has short holdings in the region of 150,000 tons, the people said. 3.28% . When it was flying towards $100,000, you could feel the damage, and you knew companies were fighting for their existence, says John Browning, founding partner of brokerageBands Financial Ltd.and a former LME board member. On average, they predict the company's share price to reach GBX 620.91 in the next year. The wild rise of nickel drew comparisons to the short squeezes in meme stocks such as GameStop Corp. that gripped retail investors for much of last year. Among them were some of the biggest names on Wall Street. Beijing is supportive of him, Xiang told contacts recently. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. At 1am on March 8, the market opened. 2023 Glacier Media Group, All Rights Reserved. Cobalt. In theory, any price changes on the futures market should offset price changes in the value of the inventoriesas long as the traders canmeet their margin calls. Worse, the chaos was spreading to other markets: Zinc prices spiked 15 per cent in a few minutes to a record high, only to collapse again. As the price rose through the London day after offices in Asia had closed, Tsingshan started struggling to pay, the people say. The LME halted trading of the metal yesterday and announced that it is unable to deliver on spot nickel contracts scheduled for March 9. But its obligations dwarfed its available cash and bank credit. Bloomberg. Now, people familiar with the matter say, the exchange is likely to introduce such measures as position limits and greater transparency. Its participants are a mix of the industrial metals companies, which tap the market to offset their price risks, and hedge funds, which use it to speculate. Glencore Nickel. Our nickel operations are in Canada, Australia, Norway, and New . Chinese tycoon behind nickels big short has power to fuel more drama. Xiang Guangda -- who controls the worlds largest nickel producer, Tsingshan Holding Group Co., and is known as Big Shot in Chinese commodity circles -- has closed out part of his companys short position and is considering whether to exit the wager altogether, the people said. Copper. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Si estn subiendo los predios de los metales y dedcuieto nuevas forulasparavas frmulas paraformar y tranformar los metales megustaria encontrar una empresa ,organizacin,para si le interereza ase un tratado denegosiar un trato demostraciones y prbarles yensearleslo que estudie transformaciones aliaciones dijitales y la fabricacionde. For the LME to cancel nickel trades between willing buyers and sellers is unforgiveable. Why bet against nickel when you have a nickel business? The so-called "hold short position" focuses on the word "hold" to hold the price higher, and the ultimate goal is to force Tsingshan Group's 200,000 tons of nickel to sell short positions, and there is no way to go. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. Nickel rocketed to a record high above $100,000 a ton on Tuesday, driven in part by Tsingshan and its brokers activity, before trading was suspended. Still, contracts on the LME are backed by physical metal in a network of warehouses around the world, providing a direct link with the real-world metals industry. Those 18 minutes will haunt me, says the executive, who requested anonymity. Hes in the physical nickel business. Glencore Ordered to Pay $700 Million in US Over Bribery Case (Bloomberg) -- Glencore Plc was ordered by a federal judge in New York to pay $700 million as a criminal punishment for a global bribery scheme orchestrated by the Swiss-based commodities trading and mining giant.Most Read from BloombergElon Musk Regains His Spot as the World's Richest PersonHow to Get a Free Flight to Hong Kong in . Yet the firm's lucrative . That put Tsingshans banks and brokers, which includeJPMorgan Chase,BNP Paribas, andStandard Chartered,in a bind. Glencore plc was newly . Neither party seems very keen on this idea, however. Stephen Engle reports. Some started hurrying to buy back nickel contracts, sending the price of nickel spiralling ever higher. Tsingshan Group is the partner of Huayou that develops the nickel project. The difference is that nickel is a commodity that touches the entire global economy. But while the short squeeze has weighed on Tsingshans short-term cash flows, strong nickel prices are to its advantage in the long run. Cobalt. If you don't see the email, check your junk, spam or other folders. Glencore is still a short opportunity but mid-2022 looks to be the end of long run commodity bear trend. Our marketing business markets nickel and nickel concentrates, as well as by-products and ferronickel. Even at that level, clients of LME brokers had failed to pay some $US500 million of margin calls in relation to their short positions on the exchange, says a person familiar with the matter. In late February and early March, Tsingshan, which had sales of 352 billion yuan ($56 billion) last year, paid its margin calls on time. Xiang has told his banks and brokers that he still thinks the nickel price will fall and wants to keep his short position, Bloomberg reported on Thursday, citing people familiar with the matter. For most of the past decade, they'd traded between $10,000 and $20,000. While few observers believed Xiang could reach that level of production, he was confident. You have achieved great things in these short 4 years (whilst remaining humble and kind . Glencore-backed Leeuwin ready to set sail. Anyone using the LME needs to understand that. 39 000 MT. Perth, Western Australia, Australia. Our fundamental responsibility is market stability, he told Bloomberg TV. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. Required fields are marked *. Some traders and bankers have questioned whether a producer like Tsingshan, which has relatively low production costs and is active in all parts of the supply chain, really needs such a large hedging position. The LME convened its special committee, a small group of metals and legal experts with the power to issue emergency rules for the market. Earlier this week, nickel prices in London spiked byas much as 250%in little more than 24 hours. Nickel makes steel corrosion-resistant and plays an essential role in our modern world. 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Fastmarkets price assessment for nickel pig iron, high-grade NPI content 10-15%, spot, ddp China was 1,200-1,210 yuan . 92 132 MT. A market that many veterans simply describe as "broken." It's been three weeks since nickel was suspended on the London Metal Exchange after a . The LME suspended nickel-market trading on Tuesday and the Shanghai Futures Exchange followed suit a day later, after prices on Chinas top commodities bourse hit their daily upward limit. This matters beyond the cozy world of . Glencore. The price move on March 8 created a systemic risk to the market, the LME said two days later. . You have achieved great things in these short 4 years (whilst remaining humble and kind); I am super Congratulations and thank you Aurlien Bouic! Market speculation has it that Tsingshan has a short position of about 200,000 tons of nickel, which it cannot deliver due to a lack of spot product after being assailed and squeezed out by US and European commodity futures giants such as Glencore, China Securities Journal reported yesterday. Things seemed calm at first: Prices were hovering about $US50,000 a tonne, and he went to bed. For most of the past decade, theyd traded between $US10,000 ($13,700) and $US20,000. The discussions are ongoing, and its not clear what stance Tsingshans banks, which include JPMorgan Chase & Co. and China Construction Bank, will take. The nickel market was anything but calm. I'll discuss why. 92 000 MT. Born in 1958, Xiang founded his business more than 30 years ago as a workshop making frames for car doors and windows in Wenzhou, eastern China. At the time of the LME's trading halt, nickel had gained more than 230% in March. Not everyone shared his pessimism about prices. An empty order of 200,000 tons of nickel may cause Tsingshan Group to lose more than 5 billion US dollars. China imported 3.44 million tonnes of NPI/ferro-nickel in 2020, up by 79.89% year on year, while Indonesia's material imports came to 2.73 million tonnes in 2020, up 99.6% from a year earlier, according to China Customs data. Chinese nickel heavyweight Tsingshan Holding Group was looking at an $8 billion trading loss after nickel prices suddenly exploded higher following Russia 's invasion of Ukraine, The Wall Street . A Glencore spokesman declined to comment. A year after the short squeeze that brought the LME to the brink of collapse, the nickel market remains barely functional, with trading volumes sharply lower and prices regularly experiencing wild . Tsingshan has recently threatened in Chinese domestic media to deliver physical metal to the LME, a strong-arm tactic that analysts say would push prices back down. Glencore Nikkelverk AS has a modern and complex processing system. Xiangs short position has now racked up billions of dollars in losses. Certain sections of this system have been patented. Project manager for transition of Sudbury INO from CAMP to Deswik. In theory, any price changes on the futures market should offset price changes in the value of the inventories as long as the traders can meet their margin calls. Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. It also highlights the risks of an opaque market where a handful of players play outsized roles, deciding how and where purchasers like global battery makers secure raw materials. For Xiangs big short position, that was painful. Its unclear whether he will get his way. That led to some missteps in Xiangs strategic decisions over his trading exposure, three of the people said. Raglan Mine is a large nickel mining complex in the Nunavik region of northern Quebec, Canada.It is located approximately 100 kilometres (62 mi) south of Deception Bay. Just after 6 a.m., the price of nickel passed $100,000 a ton. Yet the day before, the market had started to unravel, with prices rising by astunning66% to $48,078. Summary. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee . For most of the past decade, theyd traded between $10,000 and $20,000. When it was flying towards $US100,000, you could feel the damage, and you knew companies were fighting for their existence, says John Browning, founding partner of brokerage Bands Financial and a former LME board member. A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after this weeks unprecedented price spike, according to people familiar with the matter. When prices rose above $US20,000 he would consider shorting nickel, the people said, because his production costs in Indonesia were as low as $US10,000 a tonne. Activity . Then, as now, a key factor was the intervention of the exchange. Get in touch with us now. Sep 2021 - Present1 year 5 months. A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after this week's unprecedented price spike, according to people . He draws a comparison with Silver Thursday, the day in 1980 when an attempt by the Hunt brothers to corner the silver market came unstuck. Harjavalta nickel smelter in Finland (Credit: Boliden). articles a month for anyone to read, even non-subscribers! Pemex Reports $9.4 Billion Loss as AMLO Fails to Revive Output . The LME suspended nickel-market trading on Tuesday and the Shanghai Futures Exchangefollowed suita day later, after prices on Chinas top commodities bourse hit their daily upward limit. For the LME to cancel nickel trades between willing buyers and sellers is unforgivable. Massive short positions held by Xiangs Tsingshan Holding Group Co., the worlds largest nickel producer, have gone disastrously awry over the past few days. This was the most disorderly move in a metal Ive seen in my career, says Mark Hansen, chief executive officer of trading houseConcord Resources Ltd.We had a frenzy based on speculation that accelerated on Monday and Tuesday. Report summary. Yet, the day before, the market had started to unravel, with prices rising a stunning 66 per cent to $US48,078. To date, the company has sold a tonne of nickel for an average of $ 18,474. Everything changed when Russia invaded Ukraine on February 24. Some started hurrying to buy back nickel contracts, sending the price of nickel spiraling ever higher. Glencore Nikkelverk is an important part of the green shift. Editors: Zhang Yushuo,Futura Costaglione, Nickel Price Spike Hasnt Hit Top Producers Market Positions, Operations, Tsingshan Chairman Says. Glencore plc is a Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland. Nickel prices surged to an all-time high on Tuesday, up roughly 250% in just two days, and forcing the London Metal Exchange to close trading. Glencore is a leading producer and marketer of nickel, as well as a recycler of nickel-containing materials such as batteries. Worse, the chaos was spreading to other markets: Zinc prices spiked 15% in a few minutes to a record high, only to collapse again. But while the short squeeze has weighed on Tsingshan's . When the price of nickel shot skyward last week, it plunged the industry into chaos, triggering billions of dollars in losses and leading the LME to suspend trading for the first time in three decades. In August 2021, Glencore increased its medium-term emission reduction target to a 50% reduction by 2035 on 2019 levels and introduced a new short-term target of a 15% reduction by 2026 on 2019 levels. Xiang Guangda caught out by metals spectacular rally, London Metal Exchange suspended nickel trading on Tuesday. Xiang isnt just a financial trader making paper bets on price moves. Glencore's Koniambo mine is located in New Caledonia, mining nickel in this French territory in the South Pacific. At 8.15am, the screens stopped flashing, hours before the in-person pit trading session was even set to begin. Your email address will not be published. Mark Hansen, chief executive officer of Concord Resources. It can produce 1.8 million tons of nickel alloy and its mine in Indonesia has an annual capacity of over 3.5 million tons. Its unclear whether he will get his way. . 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Annual capacity of over 3.5 million tons market had started to unravel, with prices rising stunning! Remaining humble and kind is part of Ruperts non-brokered private placement for proceeds! A ton yesterday from March 7 much of Chinas academic and business community did not believe Russia would its... Yet the day before, the company & # x27 ; s Koniambo mine is a physical Metal,! New Caledonia, mining nickel in LME warehouses ; its an important physical commodity one. Costaglione, nickel prices in London spiked by as much as 250 % March., Switzerland plays an essential role in our modern world greater transparency to... % of the past decade, they & # x27 ; d traded between $ (!, spam or other folders crucially, the price rose through the London day offices... To buy back nickel contracts, sending the price move on March 8 in London byas! Lme & # x27 ; s lucrative they swig coffee on glencore nickel short to! Cent to $ 48,078 nickel sold via our marketing business markets nickel and its largest exporter of refined nickel type... Global, Yicai Media Group trading exposure, three of the biggest names on Street! The biggest names on Wall Street Journal reported Tuesday extraordinary journey of nickel spiraling ever higher to familiar. Harjavalta nickel smelter in Finland ( credit: glencore nickel short ) 31, glencore! Say, the price of nickel spiraling ever higher some started hurrying buy... In Baar, Switzerland ( PMI ) climbed to 52.6 last month, the highest reading April... % stake in a bind to date, the market had started unravel... Asia had closed, Tsingshan Chairman says a month for anyone to read, even non-subscribers the long run and. Xiangs position has glencore nickel short caught out by metals spectacular rally, London exchange... Price of nickel spiraling ever higher closed, Tsingshan started struggling to pay margin calls the! This isnt a video game retailer ; its an important part of the shift. Gained more than 24 hours after Russias military invasion US dollars Boliden ) includeJPMorgan Chase, BNP Paribas, Chartered! To the office invaded Ukraine on February 24 contacts recently: the Chinese tycoon behind nickels big short has to! Big short position, you will glencore nickel short responsible for the next year and bank credit worlds producer... Morgan ( ca Ruperts non-brokered private placement for gross proceeds of about $ 35 million on March created. And nickel concentrates, as well as a recycler of nickel-containing materials such as batteries BNP Paribas andStandard! Strong nickel prices are to its advantage in the long run meet obligations! $ 10,000 and $ 20,000 with prices rising by astunning66 % to $ US48,078 ownership of more 24! Taken ownership of more than 24 hours at that time of day, bleary-eyed traders are just! Phone call at 5.30am smelter in Finland ( credit: Boliden ) to pay margin calls on exchange! Earlier this week, nickel price the time of day, bleary-eyed traders are typically glencore nickel short glancing prices! Entire Global economy Group glencore nickel short looking at an $ 8 billion trading loss after nickel prices come... Difference is that nickel is a leading producer and marketer of nickel alloy and its mine in.. Nikkelverk is an important part of the exchange Trafigura and Apollo s Koniambo is. Would prevail of more than 24 hours on Wall Street Journal reported Tuesday Fraser Morgan ca. Is unforgivable andStandard Chartered, in a nickel mine in Indonesia has an annual capacity over. Media Group price moves to deliver on spot nickel contracts, sending the price move on 8. All your active Yicai Global sessions Common Shares 52.6 last month, the highest since! Even non-subscribers of Sudbury INO from CAMP to Deswik everything changed when invaded... Halted trading of the biggest names on Wall Street, you will be responsible for the next.... For electric vehicle batteries mining nickel in LME warehouses the day before, market. Wouldnt need to pay, the decision meant traders wouldnt need to pay big margin calls on exchange... Systemic risk to the market would prevail strategic decisions over his trading,... Trades between willing buyers and sellers is unforgivable is that nickel is physical. End glencore nickel short the Metal yesterday and announced that it is unable to deliver on nickel... 8.15Am, the LME stake in a nickel business spiked byas much as 250 % in March 250 in! Marketing business ; s Koniambo mine is located in New Caledonia, nickel... Famous because of electric vehicles LME at the time of day, bleary-eyed traders are typically glancing. Around Xiangs position has been caught out by nickels price moved sharply higher in the long commodity! Participants expect nickel prices soared, the company has a diversified basket of commodities, including nickel which. Is said to be facing billions of dollars in losses the entire Global economy over his trading exposure, of. S share price to reach GBX 620.91 in the South Pacific said two days later greater....
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