Assessing the Incremental Costs of Regulation and Supervision Faced by EU Banks Compared to Their US Peers, Interview with Mr. lvaro Saboro, Chief Executive Officer, Grupo Financiero BCT. Metal industry sources said that for the duration of the standstill agreement Tsingshan, the world's largest nickel producer, may not have to buy any more metal to cover its short positions. If nickel prices stay lofty it could complicate the energy transition with electric vehicle batteries costing more to produce. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. The short squeeze gathered momentum as Chinas Tsingshan Holding Group Co. attempted to cover its massive short position, which is reportedly equivalent to between 100,000mt and 200,000mt of metal, S&P Global Commodity Insights metals and mining research senior analyst, Jason Sappor, wrote in the S&Ps March Nickel Commodity Briefing Service report released on March 31. But the effects of the short squeeze are likely to be felt in other ways. As the price rose through the London day after offices in Asia had closed, Tsingshan started struggling to pay, the people say. In the meantime, the nickel market is on ice, with traders unable to exit their positions, and many billions of dollars tied up in margin calls. Known as Big Shot in China for his imposing presence in the metal industry, Xiang Guangda, the founder of the worlds biggest nickel and stainless-steel firm, Tsingshan, had amassed a short position of more than 150,000 tonnes of nickel, which was about five times the volume of the metal held by the LME and equivalent to approximately one-eighth of all of the LMEs outstanding contracts at its peak. Even at Mondays closing price of $US48,063, however, Tsingshans mark-to-market losses would number in the billions of dollars. Now they had to pay big margin calls on the exchange while receiving no margin from their client. (Podcast). One of the world's biggest nickel and stainless steel producers, Tsingshan started building a short position -- a wager that prices will fall -- in the nickel market last year. This created an unprecedented LME nickel short squeeze. Pleased to report an extremely strong year for the Nickel Industries and the. . According to industry members association International Nickel Study Group (INSG), stainless steel production accounts for over two-third of nickel demand in 2020, while the use in batteries for EVs remained low at 6%. He started increasing his short position on the London Metal Exchange. Tsingshan's 2022 nickel equivalent output is estimated at 850,000 tonnes. It did not provide any other details, such as how long the standstill period would last. Advertise | Careers | Editorial Guidelines | See here for a complete list of exchanges and delays. Tsingshan Holdings has secured loan packages from various lenders, according to a Bloomberg report citing unnamed sources, following a record short squeeze that saw nickel prices more than double in hours earlier this week. The most notable holder of short positions is Tsingshan Holdings - one of the world's largest nickel and stainless steel producers - which is believed to own positions on about 100,000 tons of nickel with paper losses totaling up to $8 billion before the London Metal Exchange halted trading. The LME announced on Friday it was raising margin requirements for nickel contracts by 12.5% to $2,250 a tonne. Bloombergs Joe Deaux reports. Short-covering trades made last week by the Chinese billionaire contributed to a swift, huge surge. Are you considering whether or not to trade nickel or want to learn more about the market? Jack Farchy, Alfred Cang and Mark Burton, Bloomberg News. A Glencore spokesman declined to comment. LONDON, March 8 (Reuters) - China's Tsingshan Holding Group bought large amounts of nickel to reduce its short bets on the metal and its exposure to costly margin calls, turbocharging a record rally fuelled by the conflict in Ukraine, three sources familiar with the matter said. Join the 500.000+ traders worldwide that chose to trade with Capital.com, Also you can contact us: In a squeeze, rising prices put traders betting on a drop in an ever-tougher financial position, forcing them or brokers and banks doing business on their behalf to buy the asset, a trade known as short covering that can drive prices even higher. On Monday, one of Tsingshans brokers a unit of a state-owned Chinese bank failed to pay hundreds of millions of dollars in margin calls on its nickel positions. Chinese metal giant Tsingshan Holding Group Ltd., caught in a massive short squeeze amid an unprecedented rally in the price of nickel, reached a deal with banks to avoid further margin calls.. Tsingshan, one of the world's biggest nickel and stainless steel producers, worked out a standstill arrangement with a consortium of hedge bank creditors that will allow the company to continue . The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. The exchange then retroactively wiped out $3.9 billion worth of transactions made before the suspension to demonstrate that nickel prices had stopped reflecting the underlying physical market. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. LONDON, March 14 (Reuters) - China's Tsingshan Holding Group has reached an agreement with banks under which they will not make margin calls on or close out the producer's nickel positions on the London Metal Exchange (LME), the company said on Monday, a move sources said should help calm the market. Chinese nickel giant Tsingshan's hedge backfired Commodities companies of course generally benefit from higher prices for their products. The fear was that Tsingshan could not make its margin calls, interim payments to parties on the other side of the trade. Trimegah menilai bisa. One of Tsingshans brokers, CCBI Global Markets, also failed to pay hundreds of millions of dollars in margin calls on its nickel positions on March 7. Perhaps whats most surprising is that this nickel squeeze happened within a market that had, for the last few years, been comparatively sedate, with rangebound trading rarely breaking above the $20,000/metric tonne (mt) mark on the upside before 2022. The simple fact here is that we did not have visibility over the size of the risk, Matthew Chamberlain, the LMEs chief executive, also stated. JPMorgan Chase & Co (JPM.N) and other banks were negotiating over the weekend with Tsingshan Group on an agreement that would give the nickel producer time to work out how to pay margins on its short nickel positions, according to a source familiar with the matter. Nikel Terbang, Pemilik Smelter RI Asal China Rugi Rp 115 T. Meski demikian tidak diperinci dan diketahui dengan jelas hal apa yang akan dilakukan pada aset utama yang dimiliki perusahaan China di Indonesia tersebut. Copyright | At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. He draws a comparison with Silver Thursday, the day in 1980 when an attempt bythe Hunt brothersto corner the silver market came unstuck. It could be even larger than that when positions taken through intermediaries are taken into account, people separately said. We expect the EBITDA margin to be around . The three-month LME nickel prices hit an intra-day high at $101,365 a metric tonne on 8 March 2022. While Russias nickel exports havent been targeted by sanctions, U.S. and European buyers have nonetheless sought alternatives to Russian sources. This was the most disorderly move in a metal Ive seen in my career, says Mark Hansen, chief executive officer of trading house Concord Resources Ltd. We had a frenzy based on speculation that accelerated on Monday and Tuesday. The LMEs special committee held another call at about 6 a.m. Now they recognized that they had tosuspend trading. The contribution of a dab has been 44 million to . Then in . .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, Final Early Bird Pricing! Only you can decide whether nickel is a good buy or not. On March 8,2022 price of Nickel went suddenly up $100 per kilogram . 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 company Tsingshan Holding Group Co. See here for a complete list of exchanges and delays. read more. The LME did not put it into default, instead giving it more time to pay. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. Then on March 7, nickel's price began its parabolic. Is the US Finally Warming to the Possibility of Creating a CBDC? ), by application (Stainless Steel Industry, Electronics Industry, etc. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Mr Xiang began building the short position in part because he wanted to hedge rising output, but also because he believed the rally in nickel prices would fade this year. Your decision to trade should depend on your attitude to risk, expertise in the market, the spread of your portfolio and how comfortable you feel about losing money. Matthew Chamberlain, the LMEs chief executive officer, had stayed up to watch. At $2,250 a tonne, the capital required on 300,000 tonnes of nickel would be $675 million, according to Reuters calculations. That means it would have suffered much more than $US2 billion ($2.7 billion) of daily losses at the most extreme point of nickels surge. Nickel, used in stainless steel and electric-vehicle batteries, surged as much as 250% in two days to trade briefly above $100,000 a ton early Tuesday. However, for business days 7th and 8th March, they would remain at . Undeterred, the Chinese tycoon has told banks he wants tomaintain his position, and has asked them to keep funding him despite the losses. Traders must deposit cash,. Founded back in 1877 and now owned by Hong Kong Exchanges & Clearing (HKEX), the LME performs a critical role in determining benchmark prices for the global metals industry and provides a liquid market venue for financial institutions to make money. The Initial Margin was $20,000 per contract. read more. read more. Save my name, email, and website in this browser for the next time I comment. Bloomberg News' Joe Deaux reports. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. This report studies the Ferronickel market, covering market size for segment by type (Ferronickel (Nickel15%), Ferronickel (Nickel15-25%), etc. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. Just over a year after the historic short squeeze involving video-game retailer GameStop sent shockwaves around the financial world, a similar episode broke out in early March, this time on the London Metal Exchanges (LME) nickel market. Erin Jonasson. It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. Zhejiang Huayou Cobalt plans to discuss an application to register the company's nickel for delivery on the exchange. Indeed, reports suggest that a number of investors are now preparing lawsuits, while the LMEs regulator, the Financial Conduct Authority (FCA), is expected to investigate the incident. Tsingshan debacle exposes weak underbelly of LME. Some think this could herald the end of the exchange itself. The sharp increase in nickel prices was driven by supply concern exacerbated by Russias invsion of Ukraine Russia is the third largest primary nickel producer after Indonesia and China. That would come on top of any losses incurred by the tycoon since he began building the short position late last year through closely held Tsingshan. Capital Com is an execution-only service provider. Xiang wanted to increase Tsingshans production dramatically by producing so-callednickel matte. For a while, it wasunclear which view of the market would prevail. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, 50% off + free delivery on any order with DoorDash promo code, Wayfair promo code: 10% off any single purchase, 60% off running shoes and apparel at Nike without a promo code, March Flash Sale: Extra 30% Off w/ Groupon Promo Code. Tsingshan was unable meet margin calls and only avoided bankruptcy after . Nickel rocketed to a record high above $US100,000 a tonne on Tuesday, driven in part by Tsingshan and its brokers activity, before trading was suspended. At the center of the action is Chinese nickel titan Tsingshan Holding Group, the worlds biggest producer of a metal used in stainless steel and .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}electric-vehicle batteries. But nothing could prepare the market for what was about to follow, with the Russia-Ukraine conflict sending prices skywards on global supply concerns. And that was just for the portion of the short position it held directly on the exchangeabout 30,000 tons. If you are considering investing or trading nickel, its important to do your own research. See here for a complete list of exchanges and delays. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. The metal is found in all our homes as a key ingredient of stainless steel. It also doesn't create waste and may help fight the climate crisis. Given our role in supervising the LME, we have been, and will continue to be, taking a very close interest in how it is managing and responding to the issues, the FCA confirmed in late March. Three-month nickel on the LME more than doubled to over $100,000 a ton yesterday before the LME stepped in to halt trading of the metal. Tsingshan Holding Group held the biggest short position for nickel on the LME. Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. The giant commodity trader Glencore Plc also had a position on the LME that would benefit from rising prices. After trading was suspended Tuesday following an unprecedented surge in prices, the London Metal Exchange said it does not expect nickel trading to resume before March 11. The tycoon whose big short bet on nickel helped trigger one of the most dramatic price spikes in history has told his banks and brokers that he doesnt intend to reduce his position, according to people familiar with the matter. Already at an all-time high by 5:42 a.m., it lurched higher in stomach-churning leaps, soaring US$30,000 in a matter of minutes. The difference between trading assets and CFDs. 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. 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. While the exact scale of Mr Xiangs losses is unclear, Tsingshans short position on the London Metal Exchange is in the region of 100,000 tonnes of nickel, people familiar with the matter said. As such, if Tsingshan can weather the losses on its LME positions, the higher prices could yet benefit its core business of producing nickel and stainless steel. Last chance for up to $40 off TurboTax, All Jeans + Pants 25% off! The frenzied move the largest-ever on the LME came as investors and industrial users who had sold the metal scrambled to buy the contracts back after prices initially rallied on concerns . It marked the first major market failure sinceRussias invasion of Ukrainejolted global markets, showing how the removal of one of the worlds largest exporters of resources from the financial system in the space of weeks is having ripple effects across the world. The London nickel market has been closed since last Tuesday morning, when the exchange intervened after prices spiked as much as 250% in two days, and the standstill announced by Xiang's. The LME convened its special committee, a small group of metals and legal experts with the power to issue emergency rules for the market. The Tsingshan Holdings Group ( Chinese: , ching-shan) is a Chinese private company active in the stainless steel and nickel industry. Exchanges. When it was flying towards US$100,000, you could feel the damage, and you knew companies were fighting for their existence, says John Browning, founding partner of brokerage Bands Financial Ltd. and a former LME board member. Tsingshan has been struggling to pay margin calls to its brokers, according to people familiar with the situation. We expect the LME nickel price to remain volatile in the near term, as the global nickel market finds equilibrium following recent events, S&Ps Sappor added, warning that an elevated risk of another short squeeze hitting the LME nickel market in the near term continued, given the presence of both a dominant warrant-holding position on available LME stocks and Tsingshans short position. It's been under growing pressure to meet the payments in recent days, the. A short squeeze is a market condition caused by massive short positions. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Xiang shrugged off suggestions to reduce short positions, Tsingshans nickel short position stood at about 150,000 tons. 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. Pada titik ini, posisi short Tsingshan dibekukan. It is up nearly 400% so far this year. Xiang didnt believe the rally would last. But now, serious questions are being raised over the LMEs lack of foresight in not anticipating this incident, especially given the sheer size of Tsingshans short position, which it began to compile last year. The war in Ukraine surprised the market and led to a price surge, pushing Tsingshans margin to billions as it rose in-line with nickel prices. Tsingshan has been struggling to pay margin calls to its brokers, according to people familiar with the situation. UNFORGIVEABLE,tweetedMark Thompson, a former trader at Trafigura and Apollo. Tsingshan's difficulties in paying its margin calls, and the company's ongoing bailout negotiations, have put its banks and brokers in a bind, as they have had to make hefty margin calls of their own at the LME to cover their short positions on the exchange. Many producers, traders, and users of nickel with short positions on the LME were facing margin calls many times larger than they were prepared for. The fallout was immediate. "For the period of the standstill, the participating hedge banks agree not to close out positions against Tsingshan or to make further margin calls in respect of existing positions. Nevertheless, the short squeeze did trigger a whopping $8 billion margin call on Guangda. Weda Bay is becoming a very material contributor to the cash flow of ERAMET and it's a fair view of what is the cash the Company can generate. Nickel prices had been rising for weeks amid fears of disruptions to supplies from Russia. Singapore | 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. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, Stocks, Bonds Drop as Traders Weigh Data, Fedspeak: Markets Wrap, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal, Cash Is Paying More Than Traditional Stock-Bond Portfolio. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. Li Huan/Red Star News/VCG via Getty Images. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. This is lower than Nickel Mines' expected profit margin for nickel in matte at current prices. It had sold nickel forward on the markets, betting on the price going down, not up. call +44 20 3097 8888 support@capital.com. Tsingshan has secured credit promises from banks including JPMorgan Chase & Co. and China Construction Bank that could allow it to avoid defaulting on its margin calls, Bloomberg reported. (Bloomberg) -- One of the key Chinese players in last year's nickel short squeeze is preparing to meet London Metal Exchange Chief Executive Matthew Chamberlain in the first face-to-face encounter since the crisis that upended the global metals world.Most Read from BloombergHow Biden's Shock-and-Awe Tactic Is Failing to Stop RussiaChina Cease-Fire Proposal for Ukraine Falls Flat With US . But its obligations dwarfed its available cash and bank credit. On February 22, 2023, Yangjiang News, at the "New Track, Great Future--Qingshan S32001 Duplex Steel Channel Market Launch Conference" hosted by Qingyi Steel That might have taken down some of the LME 's member-brokers. Following Russias invasion of Ukraine on 24 February, the three-month nickel contract rocketed to more than $100,000/tonne on 8 March, hitting an intra-day high at $101,365 on the same day. 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. This will allow the trader to buy the security back at a lower price, return it to the lender and hopefully pocket a handsome profit. For the LME, the future isunclear. In late February and early March, Tsingshan, which had sales of 352 billion yuan ($56 billion) last year, paid its margin calls on time. The LME was forced to suspend nickel trading for the first time since 1988 on March 8 and is trying to facilitate negotiations to net off long and short positions in order to reopen the market. Moscow's invasion of Ukraine and the west's moves to sanction Russia, a key major supplier, have electrified an already bullish nickel market. Comparable-store sales rose 19.3% in fiscal 2020 and grew another 14.4% year over year in the first nine months of 2021. But to hedge against a a drop in prices, they use. ", Britain's Financial Conduct Authority (FCA) and the Bank of England are talking to the London Metal Exchange about the resumption of a fair and orderly market in nickel, the FCA said on Monday in response to a request for comment. Among them were some of the biggest names on Wall Street. Nickel for delivery on the London Metal exchange started increasing his short position held. Draws a comparison with Silver Thursday, the short squeeze, as the price going down, up. 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Nickel equivalent output is estimated at 850,000 tonnes expertise, and website in this browser for the nickel and! On this page does not constitute a recommendation by Capital Com or its agents:, ching-shan ) is Chinese!
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