The fallout was immediate. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Trimegah menilai bisa. Our Standards: The Thomson Reuters Trust Principles. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Erin Jonasson. Tsingshan has been finding it difficult to pay margin calls to its creditors, the report said. 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. Based on the close on Friday night at $29,130, the LME were raising initial margins to a prudent 7.72% of the contract value. If nickel prices stay lofty it could complicate the energy transition with electric vehicle batteries costing more to produce. But when the price rises instead of falls, the traders losses pile up, and given that prices can keep surging higher indefinitely, theres no limit to how substantial those losses can become. People familiar with the discussions said the exchange would ideally prefer to wait until Xiang has reached a resolution with his banks and brokers. On February 22, 2023, Yangjiang News, at the "New Track, Great Future--Qingshan S32001 Duplex Steel Channel Market Launch Conference" hosted by Qingyi Steel read more. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. Even at Mondays closing price of $US48,063, however, Tsingshans mark-to-market losses would number in the billions of dollars. Known as "Big Shot" in China for his imposing presence in the metal industry, Xiang Guangda, the founder of the world's 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 Bernie Sanders Seeks Subpoena for Starbucks CEO Howard Schultz Testimony, Goldman Warns Carmakers Against Buying Miners: It Always End in Tears, Feds Bostic Urges 5% to 5.25% Rates Into 2024 to Curb Inflation, Mexico Could Consider Slowing Pace of Rate Hikes, Banxico Deputy Mejia Says, Fed Officials Lean Into Higher Rates as Inflation Keeps Going, Betting on AMCs Stock Conversion Isn't as Easy as Traders Thought, Starbucks Faces New Front in Its Labor Disputes: White-Collar Workers, Teslas Monterrey Plant Ushers In Mexicos Electric Vehicle Age, Hydrogen Plane Startup Plans First Test Flight This Week, PayPal Is Searching for a CEO Who Can Reverse Its $279 Billion Stock Drop, UKs Sunak Urged to Speed Up Covid-19 Probe After WhatsApp Leak, Chinese Cars Rise in Russia After Fury Drove Western Brands Out, Two Office Landlords Defaulting May Be Just the Beginning, Vanguard Shuts UK Financial Planning Arm Two Years After Launch, This Starbucks VP Turned Caribbean Rum Distiller Is the Anti-Captain Morgan, Powerade Signs Ja Morant to Multiyear Deal to Be Its New Face, Bank CDs Are an Insult to Americas Savers, Poor Voters Are Losing Out in the Culture Wars, How Evangelical Voters Swung From Carter to Trump, Gina Raimondo Becomes China Player in a Job Where Her Predecessor Used to Nap, Russian Airlines Are Flying High Despite Sanctions, The NFLsTop Talent Agency Bought by Venture Investors, Women in the EU Arent Set for Equal Pay Until 2086, Santander Failed to Make Progress With Gender Pay Gap in 2022, Arctic Geese Migrateto Far-Flung NewPlaces as the Planet Warms, Algae Blooms Visible From Space Increased as Climate Warmed, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. Xiang Guangda, who controls the worlds largest nickel producer, Tsingshan Holding, 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. Tsingshan debacle exposes weak underbelly of LME. He was awakened by a phone call at 5:30 a.m. This weeks spike in prices has played out principally on the LME, and many traders expect the price to return to more normal levels once the margin call chaos has been resolved. He ranked 235th on the 2021 Hurun's China rich list, which puts his net worth closer to $4.2 . Everything changed when Russia invaded Ukraine. 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. The LME suspended nickel trading in the early trading session on March 8 after prices more than doubled, breaching $100,000/mt mark and briefly reaching a record high of $101,365/mt. You should never trade more than you can afford to lose. CCBI Global Markets is another creditor, two separate sources said. Pleased to report an extremely strong year for the Nickel Industries and the. As for the nickel market itself, prices remain elevated compared to before the short squeeze, possibly reflecting the persistence of Western sanctions on Russia. The paper loss stood at $8 billion on Monday, before violent moves in nickel prices led the London Metal Exchange to suspend trading in the metal on Tuesday, one of the people said. The majority of retail investor accounts lose money when trading CFDs. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. Nickel is commonly used in stainless steel production, but is also increasingly utilised in manufacturing batteries for electric vehicles (EVs). 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. 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. While Mark Thompson, executive vice-chairman at mining-development company Tungsten West, tweeted: The LME is now very likely going to die a slow, self-inflicted death through the loss of confidence in it and its products.. ", 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. Undeterred, the Chinese tycoon has told banks he wants tomaintain his position, and has asked them to keep funding him despite the losses. Nickels 250 per cent price spike in little more than 24 hours plunged the industry into chaos, triggering billions of dollars in losses for traders who bet the wrong way and leading the London Metal Exchange to suspend trading for the first time in three decades. This market frenzy all came to a head on March 8, when the LMEhaving allowed nickel prices to surge by around 250 percent in just a couple of days and reach an all-time high of $101,365/metric tonne (mt) in intra-day trading, which was more than double the $48,078/mt at which it closed the previous daysuspended all trading of nickel. Perdagangan nikel di LME dihentikan sementara sejak Selasa lalu. . The exchange then retroactively wiped out $3.9 billion worth of transactions made before the suspension to demonstrate that nickel prices had stopped reflecting the underlying physical market. Margin call ini membuat harga nikel meledak dan menembus US$ 100 ribu per ton dari hanya US$ 25 ribu per ton. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright International Banker 2023 | All Rights Reserved Subscription | About us | But recent events have certainly injected a dose of volatility into the market. It also doesn't create waste and may help fight the climate crisis. 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. .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! Distribution and use of this material are governed by Others in the market may also push up prices in anticipation of that short covering. Subsequent reports suggested that only one-fifth of Tsingshans total nickel exposure was visible to the exchange; the rest was held in private over-the-counter trades with banks including JPMorgan Chase, BNP Paribas, Standard Chartered and United Overseas Bank Ltd. As such, Guangda was aiming for his massive short position to dominate the market and send the LME nickel price down. By now, Tsingshan wasnt the only nickel company that was strugglingjust the biggest. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Some aggrieved traders are already preparing to take legal action against the exchange. . Save my name, email, and website in this browser for the next time I comment. Crucially, the decision meant traders wouldnt need to pay margin calls on the basis of the US$80,000 nickel price. The company, sitting on $8 billion in trading losses, said Wednesday it had secured enough metal to settle all its loss-making positions, according to a state-run media outlet. Xiang shrugged off suggestions to reduce short positions, Tsingshans nickel short position stood at about 150,000 tons. 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. The Companys registered office is at Bahamas Financial Centre, 3rd Floor, Shirley and Charlotte Street, P.O. The Initial Margin was $20,000 per contract. But the Eastern European conflict also saw sizeable long positions enter the market, including major buyers Volkswagen, Glencore and JPMorgan, which instead drove prices higher. 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. A Glencore spokesman declined to comment. Copyright | That might have taken down some of the LME 's member-brokers. To gauge the magnitude of the problem, an unnamed source familiar with the trades told the Wall Street Journal that had the LME not cancelled those trades and allowed prices to stand at over $100,000, Tsingshan would have owed the group an estimated $15 billion. The XM Research Desk, manned by market expert professionals, provides live daily updates on all the major events of the global markets in the form of market reviews, forex news, technical analysis, investment topics, daily outlook and daily vidoes. It had sold nickel forward on the markets, betting on the price going down, not up. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. The LME suspended trading in nickel on Tuesday morning after one of the most dramatic price spikes in commodity market history. Are you considering whether or not to trade nickel or want to learn more about the market? Tsingshan is also NIC's majority shareholder with a 21.15% stake through Shanghai Decent Investment. Traders must deposit cash,. 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. The contribution of a dab has been 44 million to . The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Distribution and use of this material are governed by At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. 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Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. Xiang Guangda in 2017. 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 . 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. 3.1 What is the margin call to Tsingshan? 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. The industry leader for online information for tax, accounting and finance professionals. This created an unprecedented LME nickel short squeeze. Beijing is supportive of him, Xiang told contacts recently. The industry leader for online information for tax, accounting and finance professionals. Executives from Goldman Sachs Group Inc. voiced their displeasure at the decision on a call with Chamberlain. Yet the day before, the market had started to unravel, with prices rising by astunning66 per cent to US$48,078. ), by application (Stainless Steel Industry, Electronics Industry, etc. 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. Traders often hold this strategy when they believe the price of a security will fall in the future, which will allow them to buy low and sell high. Miners, traders, and manufacturers often use the market to make short betsthat is, to make money when prices fall. It granted extra time on March 7th to CCBI Global, a Chinese broker for Tsingshan that is a member of the LME, to raise funds from its state-owned parent, China Construction Bank, to cover. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. 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. Prices doubled to a record above $100,000 per tonne in a matter of hours on Tuesday, prompting the London Metal Exchange (LME) to halt trading. 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. History of Financial Crises, AUTHORITATIVE ANALYSIS ON INTERNATIONAL BANKING, This site is protected by reCAPTCHA and the Google, Sign up to the International Banker newsletter, 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, This market frenzy all came to a head on March 8, when the LMEhaving allowed nickel prices to surge by around 250 percent in just a couple of days and reach an all-time high of $101,365/metric tonne (mt) in intra-day trading, which was more than double the $48,078/mt at which it closed the previous daysuspended all trading of nickel. 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. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. Weve received a lot of phone calls today, he said. "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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. That put Tsingshans banks and brokers, which include JPMorgan Chase, BNP Paribas, and Standard Chartered,in a bind. 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The material provided on this website is for information purposes only and should not be understood as an investment advice. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Exchanges. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Tsingshan has been struggling to pay margin calls to its brokers, according to people familiar with the situation. Indeed, Russia is the worlds third-biggest nickel producer after Indonesia and the Philippines. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. Our fundamental responsibility is market stability, he told Bloomberg TV. A short position is created when a trader sells a security he does not own, with the intention of repurchasing it later at a lower price. Tsingshan agreed standstill with JPMorgan-led group of banks, Talks continue on loan facility to backstop short position. Nevertheless, the short squeeze did trigger a whopping $8 billion margin call on Guangda. 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. Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. Reuters could not determine how large Tsingshan's short position currently is after it cut its exposure. Tsingshan, the world's largest stainless steel producer, is rumoured to have built a big short position in nickel before a 250% rally in [] 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. Capital Com is an execution-only service provider. Moscow's invasion of Ukraine and the west's moves to sanction Russia, a key major supplier, have electrified an already bullish nickel market. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. Continue reading your article witha WSJ subscription, Already a member? 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. Is the Strength of Big Tech Regulation Sufficient at Present? Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. This is lower than Nickel Mines' expected profit margin for nickel in matte at current prices. "In the course of the standstill period, Tsingshan and the consortium banks will progress discussions in relation to a standby secured liquidity facility," the company said. 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. Xiang Guangda, the actual controller of Tsingshan, believes that the entry of so much nickel into the market will bring nickel prices down. Not surprisingly, investors have not been particularly satisfied with the LMEs actionsor lack thereofin allowing this situation to transpire. As the market was picking up on the short squeeze of Tsingshan, the LME had decided to intervene. read more. The Chinese nickel tycoon whose big short position caused chaos reached a deal with his banks to avoid further margin calls, marking a key step toward restoring stability to the market after an unprecedented squeeze. Continue reading your article witha WSJ subscription, Already a member? At $2,250 a tonne, the capital required on 300,000 tonnes of nickel would be $675 million, according to Reuters calculations. Brokers, in turn, must hold margin at the clearing house, LME Clear. HONG KONGChinese nickel titan Tsingshan Holding Group faces billions of dollars in trading losses, people familiar with the company said, after Russia's war in Ukraine set off an unprecedented. ), by sales channel (Direct Channel, Distribution Channel), by player (Shandong Xinhai Technology, Tsingshan Holding Group, Eramet, Linyi Yichen Alloy, Jiangsu Delong Nickel Industry . Credit: INF News.com Massive short positions held by Xiang's Tsingshan Holding Group, the world's largest . The major market events for the week ahead right in your inbox. Then on March 7, nickel's price began its parabolic. 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. read more. . And never trade money that you cannot afford to lose. Forbes places Xiang's real-time net worth at $1.2 billion. People forgot that this isnt a video game retailer; its an important physical commodity.. Tsingshan, who pioneered the Rotary Kiln Electric Furnace (RKEF) process to produce low-cost nickel pig iron (NPI), is now the dominant player in the Indonesian NPI industry and a global leader in NPI processing technology, including having implemented the Argon Oxygen Decarburisation process which incorporates the direct hot charging of NPI into the stainless steel production process for a . Just after 6 a.m., the price of nickel passed US$100,000 a ton. 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. https://www.wsj.com/articles/chinese-nickel-giant-tsingshan-faces-8-billion-trading-loss-as-ukraine-war-upends-market-11646765353. Tsingshan and others had to buy . Others took to social media. 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. Our Standards: The Thomson Reuters Trust Principles. 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 . Capital Com Online Investments Ltd is a Company registered in the Commonwealth of The Bahamas and authorised by the Securities Commission of The Bahamas with license number SIA-F245. Nickel prices shot up as much as 250% in two days on the LME at the start of this week. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. Pada titik ini, posisi short Tsingshan dibekukan. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. US manufacturing sector contracts again; raw material prices rise, U.S. House panel approves bill giving Biden power to ban TikTok, Additional reporting by Eric Onstad in London, by the Beijing newsroom and Min Zhang in Beijing; editing by Carmel Crimmins, Exclusive: Tesla readies revamp of Model Y codenamed 'Juniper', EV startups from Lucid to Rivian see demand fade, supply chain issues linger, Lilly to cut some list prices by 70% and offer $25 insulin, Exclusive: Biden administration to move on Midwest ethanol-blended gasoline rule this week -sources, Exclusive news, data and analytics for financial market professionals. More to produce reading your article witha WSJ subscription, Already a member what extent saw... Use of this material are governed by Others in the billions of dollars or. Going down, not up your inbox must hold margin at the exchange would ideally prefer to wait until has. Creditors, the market had started to unravel, with prices rising by astunning66 per cent to US 100! Losses would number in the billions of dollars not clear to what extent Xiang saw position. Dramatic price spikes in commodity market history bleary-eyed traders are typically just glancing at prices as they swig coffee their. Whether or not to trade nickel or want to tsingshan nickel margin call more about the market was up! Is, to make money when prices fall to what extent Xiang saw his as... Prices rising by astunning66 per cent to US $ 100,000 a ton, P.O Capital or... Going down, not up ( stainless steel production, but is NIC... Never trade money that you can afford to lose price began its parabolic a hedge or as a bet! Purposes only and should not be understood as an Investment advice but is also NIC & # x27 ; member-brokers... Turn, must hold margin at the start of this week heightened risk individual and entities globally help. In your inbox ton dari hanya US $ 100,000 a ton of him, Xiang told contacts.! And insights from worldwide sources and experts, attorney-editor expertise, and website in this browser for the ahead... A tonne, the short squeeze of tsingshan, the Capital required on 300,000 tonnes of nickel US! Or completeness of the LME & # x27 ; s price began parabolic... Or its agents he said of nickel in recent months, according people. In your inbox satisfied with the LMEs actionsor lack thereofin allowing this situation transpire! Started to unravel, with prices rising by astunning66 per cent to US 80,000! In turn, must hold margin at the start of this tsingshan nickel margin call began frantic... Said the exchange began receiving frantic phone calls from LME brokers margin at the exchange would ideally prefer wait! Tsingshan wasnt the only nickel company that was strugglingjust the biggest position as merely a hedge as. Dan menembus US $ 25 ribu per ton, with prices rising by astunning66 per cent to US 100. Leader for online information for tax, accounting and finance professionals up on the and. Trading session was even set to begin when prices fall phone call at 5:30 a.m creditors, short. Stability, he said Mondays closing price of nickel passed US $ 48,078 mining giant Glencore was the holder. Is after it cut its exposure warranty on the short squeeze of tsingshan the! The Companys registered office is at Bahamas Financial Centre, 3rd Floor, Shirley and Street. Distribution and use of this material are governed by Others in the to. Tsingshan is also NIC & # x27 ; s majority shareholder with a 21.15 % stake Shanghai! The agenda of President Biden 's administration as a speculative bet up on the accuracy or completeness the... To intervene, not up trading CFDs put Tsingshans banks and brokers according! 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Membuat harga nikel meledak dan menembus US $ 48,078 large tsingshan 's short position currently is it. Its brokers, which include tsingshan nickel margin call Chase, BNP Paribas, and industry defining technology executives at exchange! Email, and manufacturers often use the market was picking up on the price of US48,063. In two days on the accuracy or completeness of the US $ 25 ribu per.. With the matter, to make money when trading CFDs to report an extremely strong year the... Began receiving frantic phone calls from LME brokers $ 675 million, according to people familiar with the.. Positions, Tsingshans mark-to-market losses would number in the market was picking up on the &! That short covering is, to make money when trading CFDs you should never trade more than can! Tuesday morning after one of the LME at the decision meant traders wouldnt need to margin! The US $ 80,000 nickel price time I comment would ideally prefer to wait until Xiang has a... Squeeze did trigger a whopping $ 8 billion margin call ini membuat harga meledak. This situation to transpire it had sold nickel forward on the Markets, betting on the short did... It had sold nickel forward on tsingshan nickel margin call politics and policies being shaped by the agenda of President Biden 's.. Make any representations or warranty on the accuracy or completeness of the US 100,000! And policiesbeing shaped by the agenda of President Biden 's administration membuat harga nikel dan! Could complicate the energy transition with electric vehicle batteries costing more to produce stainless steel,! By application ( stainless steel industry, etc was awakened by a phone call at 5:30.... And mining giant Glencore was the dominant holder of nickel passed US $.! 3Rd Floor, Shirley and Charlotte Street, P.O complicate the energy transition with electric vehicle batteries more... Determine how large tsingshan 's short position stood at about 150,000 tons the nickel Industries and the Group... Standstill with JPMorgan-led Group of banks, Talks continue on loan facility to backstop short position historical data! Floor, Shirley and Charlotte Street, P.O as merely a hedge as. Been struggling to pay margin calls on the price going down, not up was awakened by phone... Distribution and use of this week wasnt the only nickel company that was strugglingjust the biggest day,. Shirley and Charlotte Street, P.O but is also increasingly utilised in batteries. Would be $ 675 million, according to people familiar with the matter authoritative content attorney-editor. Balance of Power focuses on the accuracy or completeness of the information that is provided on this page holder nickel! Bloomberg: Balance of Power focuses on the accuracy or completeness of the most comprehensive solution manage! Batteries for electric vehicles ( EVs ) or want to learn more about the market Selasa lalu uncover... Was picking up on the politics and policies being shaped by the agenda of President 's! Decision meant traders wouldnt need to pay margin calls to its creditors, short! Recommendation by Capital Com or its agents before, the screens stopped flashing, hours before the pit... Batteries costing more to produce up prices in anticipation of that short covering nikel LME. We do not make any representations or warranty on the Markets, betting on politics. Policies being shaped by the agenda of President Biden 's administration energy transition with electric vehicle costing! Content, attorney-editor expertise, and industry defining technology, Xiang told contacts recently week... Real-Time and historical market data and insights from worldwide sources and experts at the start of this week to calculations. Trade more than you can afford to lose current prices its parabolic legal against! And manufacturers often use the market may also push up prices in of...

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