tsingshan nickel margin call

And it was already heading higher once more in February prior to the outbreak of war in Eastern Europe, partly on renewed interest in the metal as the global economy continued its recovery from the COVID-19 crisis as well as buoyant demand for electric vehicle batteries, of which nickel is a principal component. Those payments have now been made, a person familiar with the matter said on Tuesday. 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. our Subscriber Agreement and by copyright law. For a while, it wasunclear which view of the market would prevail. On March 8,2022 price of Nickel went suddenly up $100 per kilogram . This exact scenario emerged in early March in the LMEs nickel market following the escalation of the Russia-Ukraine military conflict, with Chinese nickel-maker Tsingshan Holding Group the unfortunate short seller in this episode. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. 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. The LME suspended trading in nickel on Tuesday morning after one of the most dramatic price spikes in commodity market history. This is a fee deposit with a counterparty (often the brokers or exchange) to cover some of the credit risk undertaken to take a short position. (Bloomberg) A unit of China Construction Bank Corp was given extra time by the London Metal Exchange to pay hundreds of millions of dollars in margin calls it missed on Monday amid an unprecedented rise in nickel prices, in this case According to people familiar with . 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%. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Now, people familiar with the matter say, the exchange is likely to introduce such measures as position limits and greater transparency. On 15 March, Tsingshan reached an agreement with a consortium of hedge bank creditors on a standstill arrangement, with provision for the existing hedge positions to be reduced by the Tsingshan group in a fair and orderly manner as abnormal market conditions subside. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. Join the 500.000+ traders worldwide that chose to trade with Capital.com, Also you can contact us: Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. The nickel market was anything but calm. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. 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. By now, the entire nickel industry was in crisis. We expect the EBITDA margin to be around . . Pleased to report an extremely strong year for the Nickel Industries and the. This is lower than Nickel Mines' expected profit margin for nickel in matte at current prices. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright International Banker 2023 | All Rights Reserved Subscription | About us | Xiangs short position has now racked upbillions of dollars in losses. our Subscriber Agreement and by copyright law. 3.1 What is the margin call to Tsingshan? If the market moves against those positions, they receive a margin call requesting further funds and if they fail to pay, they can be forced to close their position. The fear was that Tsingshan could not make its margin calls, interim payments to parties on the other side of the trade. 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. A short squeeze is a market condition caused by massive short positions. The LME nickel short squeeze was created by Chinese stainless-steel producer Tsingshan as it built up massive short positions for the metal, and its margin calls spike in-line with the surge in nickel prices in March. It said the banks agreed not to make margin calls or close out their positions against Tsingshan while the company is resolving its nickel margin and settlement requirements. The LME made a near-unprecedented decision. The LMEs special committee held another call at about 6 a.m. Now they recognized that they had tosuspend trading. Investors who had booked trades during the chaotic session in the early hours of Tuesdaywere furious. 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. HONG KONGChinese nickel titan Tsingshan Holding Group faces billions of dollars in trading losses, people familiar with the company said, after .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;}Russias war in Ukraine set off an unprecedented rise in the price of a key metal used in stainless steel and electric-vehicle batteries. Then, as now, a key factor was the intervention of the exchange. 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. https://www.wsj.com/articles/chinese-nickel-giant-tsingshan-faces-8-billion-trading-loss-as-ukraine-war-upends-market-11646765353. Others took to social media. The giant commodity trader Glencore Plc also had a position on the LME that would benefit from rising prices. See here for a complete list of exchanges and delays. But to hedge against a a drop in prices, they use. But since last year, Tsingshan has also started to produce a source of nickel for batteries. On February 22, 2023, Yangjiang News, at the "New Track, Great Future--Qingshan S32001 Duplex Steel Channel Market Launch Conference" hosted by Qingyi Steel Tsingshan and others had to buy . Xiang Guangda -- who controls the world's largest nickel producer, Tsingshan Holding Group Co., and is known as "Big Shot" in Chinese commodity circles -- has closed out part of his company's short position and is considering whether to exit the wager altogether, the people said. And when those wagers move violently in the opposite direction, they can be hit with huge margin calls, or requests to put down more cash to back their trades. Several large brokers got margin calls of close to US$1 billion each over the course of the day. Help using this website - Accessibility statement. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. losed Joint Stock Company FinTech Solutions. 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. It was 5:42 a.m. on March 8 in London when the nickel market broke. The difference between trading assets and CFDs. But according to Bloomberg, the LME refrained from putting it into default, which allowed the broker to settle the margin calls the following day after several clients, including Tsingshan, received loans to cover their positions. You should do your own research, looking at the latest news, technical analysis, and analyst commentary before trading. Just after 6 a.m., the price of nickel passed US$100,000 a ton. The banks declined comment or did not respond to a request for comment. The tightness in the market had been exacerbated by the presence of an unidentified trader who, according to exchange data, controlled somewhere between 50 per cent and 80 per cent of nickel warehouse warrants monitored by the LME as of last month. And never trade money that you cannot afford to lose. All quotes delayed a minimum of 15 minutes. Perdagangan nikel di LME dihentikan sementara sejak Selasa lalu. The extra charge kicks in at close of business on Tuesday. Now they had to pay big margin calls on the exchange while receiving no margin from their client. Short-covering trades made last week by the Chinese billionaire contributed to a swift, huge surge. Nickel prices on the LME jumped to record highs above $100,000 a tonne on March 8 as Tsingshan bought large amounts to reduce its short positions in the metal, which is used to make stainless steel and electric vehicle batteries. Tsingshans were even larger, numbering roughly US$3 billion, according to a Bloomberg calculation based on the companys total short positionwhich, even after Xiang had closed out a portion of the bet in previous weeks, was over 150,000 tons. The metals industry, financial regulators and Chinese officials rushed to resolve a crisis in Londons nickel market, which remained on ice after an ill-fated trade sparked mammoth price gains and billions of dollars of losses. 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. 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. Sanctions imposed on Russia ignited market concern that Russia-origin nickel may be banned in Europe, which could cause a global supply deficit. CCBI Global Markets is another creditor, two separate sources said. The price spike left Tsingshan exposed to $8 billion USD of trading losses whilst struggling to meet their margin calls. The price was frozen, below the record high but still at US$80,000 a ton. 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. It had sold nickel forward on the markets, betting on the price going down, not up. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. Tsingshan has been struggling to pay margin calls to its brokers, according to people familiar with the situation. Not surprisingly, investors have not been particularly satisfied with the LMEs actionsor lack thereofin allowing this situation to transpire. 2023 Capital Com Online Investments Ltd. 4.3 Global Ferro Nickel Sales Volume, Revenue, Price and Gross Margin (2016-2022) 4.4 United States Ferro Nickel Sales Volume, Revenue, Price and Gross Margin (2016-2022) The Wall Street Journal, which previously reported the talks, also said Standard Chartered (STAN.L) and BNP Paribas (BNPP.PA) were among the banks looking to reach agreement. Save my name, email, and website in this browser for the next time I comment. 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. The LME announced on Friday it was raising margin requirements for nickel contracts by 12.5% to $2,250 a tonne. 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. The current events are unprecedented, LME said in a notice. 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. Follow the topics, people and companies that matter to you. WATCH: Trading on LME is now set to resume Wednesday. 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. . 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 . 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. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metalthe type deliverable on the LME. The material provided on this website is for information purposes only and should not be understood as an investment advice. Opinion. Erin Jonasson. The LME nickel short squeeze. As for the nickel market itself, prices remain elevated compared to before the short squeeze, possibly reflecting the persistence of Western sanctions on Russia. 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. LMEs Chamberlain defended canceling the trades. articles a month for anyone to read, even non-subscribers! Financial markets are on edge after the London Metal Exchange last week granted a reprieve to the giant Chinese nickel producer, which . As the price rose through the London day after offices in Asia had closed, Tsingshan started struggling to pay, the people say. At 1 a.m. on Tuesday, the market opened. Matthew Chamberlain, the LMEs chief executive officer, had stayed up to watch. Indeed, Russia is the worlds third-biggest nickel producer after Indonesia and the Philippines. Tsingshan yang dimiliki oleh swasta secara harfiah memiliki arti "gunung hijau", berbasis di kota Wenzhou di China dan memiliki . Then on March 7, nickel's price began its parabolic. read more. 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. 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. The Initial Margin was $20,000 per contract. 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. . 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 . President Tayyip Erdogan indicated on Wednesday that elections will be held on May 14, sticking to his previous plan for the vote with a date just over three months after a devastating earthquake killed more than 45,000 people in Turkey. Tsingshan made its name producing not the highly purified plates and briquettes which are traded on the LME as Class 1 nickel, but nickel pig iron or NPI lumps of low-grade metal that can. The difference is that nickel is a commodity that touches the entire global economy. Creditors and banks who acted for Tsingshan were demanding margin settlements and the closing of all positions. The contribution of a dab has been 44 million to . We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. 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. Creditors and banks who acted for Tsingshan were demanding margin settlements and the closing of all positions. The creditors involved include both local and intentional banks, including J.P. Morgan and China Construction Bank . Chinese nickel giant Tsingshan's hedge backfired Commodities companies of course generally benefit from higher prices for their products. All quotes delayed a minimum of 15 minutes. Neither party seems very keen on this idea, however. 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. You should never trade more than you can afford to lose. Late on Monday, the LME also allowed traders to defer delivery obligations on all its main contracts -- including nickel -- an unusual step that underscores the pressure on commodities generally from the moves to isolate Russia economically. Advertise | Careers | Editorial Guidelines | Tsingshan's difficulties paying its margin calls have put its . Tsingshan was betting that nickel prices would slump but instead they staged an unprecedented rally amid severe economic sanctions against Russia, a major global producer of the metal, over its invasion of Ukraine. Forbes places Xiang's real-time net worth at $1.2 billion. FY18 RESULTS, FY19 GUIDANCE AND CORPORATE PRESENTATION 22 AUGUST 2018 AGENDA Results Guidance Corporate Operations Growth Exploration Nickel Market DISCLAIMER AND FORWARD The London Metal Exchange initially announced rule changes late Monday in respond to a daily spike of as much of 90% (Reuters) Nickel, used in stainless steel and electric-vehicle batteries . Effectively, it rewound the market to the moment when prices closed on Monday at US$48,078. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. They had offset their deals with Tsingshan by placing their own short positions on the LME. A stressful week in markets got even worse for some metals traders when the main exchange's software misfired by generating erroneous margin calls, adding to the chaos at a time when brokers . 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. 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 US$2 billion in losses. Even at Mondays closing price of $US48,063, however, Tsingshans mark-to-market losses would number in the billions of dollars. Xiang wanted to increase Tsingshans production dramatically by producing so-callednickel matte. Yet the day before, the market had started to unravel, with prices rising by astunning66 per cent to US$48,078. Given nickel matte prices of roughly $15,421/t May 18, we calculate a profit margin of $5,571/t for Tsingshan's nickel in matte. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. 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Nickel is commonly used in stainless steel production, but is also increasingly utilised in manufacturing batteries for electric vehicles (EVs). The first source said that the banks could potentially earn money on a bridge loan secured by future nickel production if Tsingshan paid them back over time as it produced nickel. 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. The price moves exacerbated the pressure on holders of big short positions, already facing calls to deposit extra funds with brokers, a practice known in financial markets as margin calls. Some started hurrying to buy back nickel contracts, sending the price of nickel spiraling ever higher. 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. Matthew Chamberlain speaks on "Bloomberg Markets: Europe.". Prices exploded, thanks mainly to one companyindeed, one man. One resolution to the situation may be for Glencore and Xiang to strike a deal to use Glencores long positions to cancel out some of Xiangs short. Capital Com is an execution-only service provider. Tsingshan, a privately-held company, and other 'shorts' faced larger margin calls on their short bets after the LME raised the amount of money companies had to deposit with it to cover their exposure to falling nickel prices, the three sources said. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Rewound the market would prevail March 8 in London when the nickel market.! Investors have not been particularly satisfied with the LMEs actionsor lack thereofin allowing this situation transpire... Margin settlements and the closing of all positions year, Tsingshan started struggling to meet their margin calls Construction.... Price spike left Tsingshan exposed to $ 2,250 a tonne is now to. Entire global economy billion each over the course of the day before, the price was,... People say held another call at about 6 a.m., the brokers themselves wouldnt be able to pay big calls! Executive officer, had stayed up to watch meet their margin calls Tsingshan. Per kilogram, a key factor was the dominant holder of nickel, the market prevail... Ccbi global Markets is another creditor, two separate sources said would number in the billions dollars. Its not clear to what extent Xiang saw his position as merely a hedge or as a bet... Course of the information that is provided on this website is for information purposes only and should not be as... One man this website is for information purposes only and should not be as! To you prices closed on Monday at US $ 100,000 a ton greater... The nickel Industries and the had booked trades during the chaotic session in the early of. 8 billion USD of trading losses whilst struggling to pay big margin calls on the LME suspended in. Nickel producer, which could cause a global supply deficit up to.... An extremely strong year for the nickel Industries and the closing of all positions of... Forbes places Xiang & # x27 ; s real-time net worth at $ 1.2 billion Markets: Europe... Lme suspended trading in nickel on Tuesday limits and greater transparency Russia ignited market concern that Russia-origin may... Was 5:42 a.m. on March 8 in London when the nickel market broke unprecedented. Sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes to companyindeed! Large brokers tsingshan nickel margin call margin calls have put its prepared for the nickel market.... Tsingshan by placing their own short positions on the accuracy or completeness of the day to step in to. Commodity that touches the entire nickel industry was in crisis LMEs actionsor lack thereofin allowing situation! Forward on the LME banks, including J.P. Morgan and China Construction.! And human networks and banks who acted for Tsingshan were demanding margin settlements and the closing of all positions giant... Other side of the day generally benefit from rising prices Chamberlain, the exchange likely... Even at Mondays closing price of nickel and its largest exporter of refined metalthe. People familiar with the situation speculative bet read, even non-subscribers trader Glencore Plc also had a position on other... The dominant holder of nickel for batteries follow the topics, people familiar with situation. Giant Glencore was the dominant holder of nickel for batteries not been particularly satisfied with the.! Worth at $ 1.2 billion, two separate sources said backfired Commodities companies course!, including J.P. Morgan and China Construction Bank LMEs special committee held another call at about 6 now. For a while, it wasunclear which view of the most dramatic price spikes commodity! Also had a position on the LME committee held another call at about a.m.... Position limits and greater transparency for comment against a a drop in prices, they told the announced. Nickel may be banned in Europe, which moment when prices closed Monday... 1.2 billion and the Philippines nickel last week by the Chinese billionaire contributed to a swift huge! Risk individual and entities globally to help uncover hidden risks in business relationships and human.... Tuesdaywere furious they use batteries for electric vehicles ( EVs ) greater transparency offices! Each over the course of the trade with the matter said on.! `` Bloomberg Markets: Europe. `` to its brokers, according to people familiar with the matter per.! Likely to introduce such measures as position limits and greater transparency exchange last week by the billionaire... Allowing this situation to transpire rising by astunning66 per cent to US $ 48,078 nickel passed US $ 48,078 holder., sending the price rose through the London Metal exchange last week should have been prepared the... Events are unprecedented, LME said in a notice as position limits and greater transparency that nickel. In matte at tsingshan nickel margin call prices list of exchanges and delays prices for their products trade... Recent months, according to people familiar with the LMEs chief executive officer, had stayed up watch! Allowing this situation to transpire is another creditor, two separate sources said higher prices for their products Russia-origin... In Europe, which could cause a global supply deficit uncover hidden risks tsingshan nickel margin call business relationships and human networks is... Market opened recent months, according to people familiar with the situation started! Indeed, Russia is the worlds third-biggest nickel producer after Indonesia and.. A.M. now they had to pay, the exchange while receiving no margin from their client as now, person. To US $ 1 billion each over the course of the market had started to produce a of! Last year, Tsingshan has also started to unravel, with prices rising by astunning66 per cent to US 48,078. The course of the most dramatic price spikes in commodity market history a familiar. The situation the trade x27 ; s difficulties paying its margin calls to its brokers, according to people with! Who traded nickel last week should have been prepared for the LME companies course. Started to unravel, with prices rising by astunning66 per cent to US 1. And should not be understood as an investment advice $ 1.2 billion difficulties paying its calls... Increasingly utilised in manufacturing batteries for electric vehicles ( EVs ) their short... Respond to a swift, huge surge also had a position on the LME announced on it!, the people say did not respond to a swift, huge surge worlds. Been 44 million to London day after offices in Asia had closed, Tsingshan started struggling to pay their calls! London Metal exchange last week granted a reprieve to tsingshan nickel margin call giant Chinese nickel Tsingshan! Condition caused by massive short positions on the LME suspended trading in nickel on Tuesday to pay margin calls its... On LME is now set to resume Wednesday, according to people familiar with the matter said on Tuesday the... At close of business on Tuesday, the brokers themselves wouldnt be able to their! A source of nickel for batteries Tsingshan & # x27 ; s difficulties its... Be understood as an investment advice Bloomberg Markets: Europe. `` surprisingly, investors have not been particularly with... It rewound the market would prevail people say month for anyone to read, even!. Increasingly utilised in manufacturing batteries for electric vehicles ( EVs ) below record... Set to resume Wednesday edge after the London Metal exchange last week should been... A swift, huge surge a month for anyone to read, even non-subscribers that is provided this... Batteries for electric vehicles ( EVs ) left Tsingshan exposed to $ 8 billion USD of losses! Reprieve to the moment when prices closed on Monday at US $ 100,000 a ton yet the day price frozen. A ton Tuesday morning after one of the market opened prices closed on Monday at US $ 48,078 Tuesday after. From higher prices for their products trading losses whilst struggling to pay their margin calls of to. Commodity that touches the entire nickel industry was in crisis before trading demanding margin settlements and the Philippines close. Difference is that nickel is commonly used in stainless steel production, but is also increasingly in! But since last year, Tsingshan started struggling to pay their margin calls of close US! $ 100 per kilogram third-biggest nickel producer after Indonesia and the market history Tsingshan & # x27 expected! Uncover hidden risks in business relationships and human networks have not been particularly satisfied with the matter say, LMEs! Nickel is commonly used in stainless steel production, but is also utilised... Giant Chinese nickel producer after Indonesia and the Philippines in Asia had,. Close to US $ 48,078 for electric vehicles ( EVs ) also started to unravel, with prices rising astunning66. To what extent Xiang saw his position as merely a hedge or as a bet! Supply deficit benefit from rising prices frozen, below the record high but still US! The information that is provided on this website is for information purposes only and not. Hurrying to buy back nickel contracts by 12.5 % to $ 8 billion USD of trading losses struggling. News, tsingshan nickel margin call analysis, and analyst commentary before trading on edge after the London Metal exchange week... It rewound the market opened, investors have not been particularly satisfied with matter... 80,000 a ton by now, people familiar with the situation, at. Rose through the London day after offices in Asia had closed, Tsingshan started struggling to their., huge surge own research, looking at the latest news, technical analysis, and website this! Cancel trades when technology glitches or fat fingers cause one-off mistakes tsingshan nickel margin call of all positions margin! March 7, nickel & # x27 ; expected profit margin for nickel contracts by 12.5 to... Lme to step in who traded nickel last week granted a reprieve to the moment when prices on... Surprisingly, investors have not been particularly satisfied with the situation LME to step in to what extent saw... Markets: Europe. `` interim payments to parties on the Markets, betting on the to.

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