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. The nickel market was anything but calm. Glencore is still a short opportunity but mid-2022 looks to be the end of long run commodity bear trend. Bloomberg. In turn, the extraction of precious metals by the company in 2021, i.e. Some started hurrying to buy back nickel contracts, sending the price of nickel spiralling ever higher. Glencore is a leading producer and marketer of nickel globally and Wayne has responsibility for the operation of mines and processing facilities in Australia, New Caledonia, Canada and Norway. Worse, the chaos was spreading to other markets: Zinc prices spiked 15% in a few minutes to a record high, only to collapse again. For most of the past decade, theyd traded between $US10,000 ($13,700) and $US20,000. Some aggrieved traders are already preparing to take legal action against the exchange. Shares in metal recycler Sims Metals hit an 11-year high of $19.55 today following a price target increase by UBS analyst Lee Power on Tuesday from $18.90 to $20.30. Now the Chinese tycoon known as Big Shot must decide whether to unwind a wager that risks fueling more dramatic swings in one of the worlds most prized metals. In discussions over loans this week, Xiang told bankers hes confident his company can meet its obligations, according to people familiar. Our fundamental responsibility is market stability, he said. Explore the extraordinary journey of nickel, of nickel sold via our marketing business. articles a month for anyone to read, even non-subscribers! Glencore's original trading business is still a powerhouse and is . Beijing is supportive of him, Xiang told contacts recently. . He started increasing his short position on the London Metal Exchange. Your email address will not be published. Traders and brokers on the open outcry pit at the London Metal Exchange. Anyone using the LME needs to understand that. Executives fromGoldman Sachs Group Inc.voiced their displeasure at the decision on a call with Chamberlain. Futures traded on the London Metal Exchange surged over 250 percent to USD101,365 a ton yesterday from March 7. But much of Chinas academic and business community did not believeRussia would attackits neighbor. Canada Nickel Company Inc. $1.24. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. The operations also include the Sudbury smelter. It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. , Mar 23, 2022. The Murrin Murrin Mine is a major nickel-cobalt mining operation being conducted in the North Eastern Goldfields, approximately 45 km east of Leonora, Western Australia.The project was initiated as a joint venture between Murrin Murrin Holdings Pty Ltd, a wholly owned subsidiary of Anaconda Nickel Limited (whose share was 60%) and Glenmurrin Pty Ltd, a wholly owned subsidiary of Glencore . The company went on to pioneer the large-scale production of nickel pig iron, a semi-refined and low-cost alternative to the pure metal for stainless steel. The LME made a near-unprecedented decision. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to people familiar with the matter. 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. 389 8 Comments. Others in the market may also push up prices anticipating that short covering. 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 type is different from the mainstream ferro-nickel and nickel pig iron. Like Comment Share. . 2023 Glacier Media Group, All Rights Reserved. Bloomberg Daybreak Middle East. During the fiscal year 2021, the Swiss-based company Glencore reported a nickel production of some 102.3 thousand metric tons. Glencore plc is a Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland. 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. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metal the type deliverable on the LME. Stainless steel with nickel content is omnipresent, for example in buildings, bridges and kitchen appliances. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Company says it puts it into the league of the largest undeveloped nickel deposits in the world. Mid Term. He started increasing his short position on the London Metal Exchange. Glencore Nikkelverk AS has a modern and complex processing system. But while the short squeeze has weighed on Tsingshans short-term cash flows, strong nickel prices are to its advantage in the long run. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. The LMEs special committee held another call at about 6am. 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. Glencore Nickel. Why? Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. In the short term, apackage of loansfrom Chinese and international banks will help Tsingshan meet its immediate liquidity squeeze. 2017 - 2018 Yicai Global, Yicai Media Group. 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. 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. 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 (LME) to suspend trading for the first time in three decades. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Investors who had booked trades during the chaotic session in the early hours of Tuesdaywere furious. That put Tsingshans banks and brokers, which includeJPMorgan Chase,BNP Paribas, andStandard Chartered,in a bind. 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. Hes in the physical nickel business. Now they recognised that they had to suspend trading. From a contractual perspective, you may be . But while the short squeeze has weighed on Tsingshans short-term cash flows, strong nickel prices are to its advantage in the long run. Get in touch with us now. Undeterred, the Chinese tycoon has told banks he wants tomaintain his position, and has asked them to keep funding him despite the losses. 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. Required fields are marked *. The company had plans to produce 850,000 tonnes of nickel in 2022, an increase of 40 per cent in a year, says a person briefed on them. 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 . Why bet against nickel when you have a nickel business? 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. As the trend towards e-mobility grows, this versatile metal is increasingly needed to produce high-performance batteries. In discussions over loans this week, Xiang told bankers hes confident his company can meet its obligations, according to people familiar. Sign up to get it every weekday morning. 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 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. Feb 2021 - Dec 202111 months. INF News.com. (via NewsDirect) Helix Resources Ltd (ASX:HLX) MD Mike Rosenstreich tells Proactive the company is ready to spin out its nickel and cobalt interests in the prolific Cobar Basin of NSW into a special-purpose vehicle aimed at maximising value for shareholders. Nickels 250% 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 theLondon Metal Exchangeto suspend trading for the first time in three decades. 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 . 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. 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 . Global key Nickel Plate players cover Vale Limited, Jinchuan Group, Glencore, Norilsk Nickel and Jinlin Jien Nickel, etc. Even at that level, clients of LME brokers had failed to pay some $500 million of margin calls in relation to their short positions on the exchange, according to a person familiar with the matter. UNFORGIVABLE, tweeted Mark Thompson, a former trader at Trafigura and Apollo. He blamed foreigners making some moves for nickels price spike in an interview with Chinese news outlet Yicai. Tsingshans were even larger, numbering about $US3 billion, according to a calculation based on its total short position which, even after Xiang had closed out a portion of the bet in previous weeks, was over 150,000 tonnes. 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The two major mining companies in Sudbury are working together to . For the LME, the future isunclear. Nickels price moved sharply higher in the week after Russias military invasion. On Monday, a week after trading had been suspended, Xiang was close to securing a loan facility from JPMorgan Chase and other banks that would allow him to maintain his short position and could lead to the market reopening. Nickel prices usually move a few hundred dollars per ton in a day. Hes in the physical nickel business. Its still unclear how much of a risk the nickel rally and a cash drain from topping up margin payments pose to the company. Its unclear whether he will get his way. Poseidon Nickel stock opened the day at A$0.04 after a previous close of A$0.04. Neither party seems very keen on this idea, however. Nickel prices, however, has been moving in an uptrend for a long time. While investors who sell stocks short want the price to drop, in commodity markets many producers, traders, and users take short positions as a hedge against losses on the physical commodities they hold in inventories. 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. 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. Editors: Zhang Yushuo,Futura Costaglione, Nickel Price Spike Hasnt Hit Top Producers Market Positions, Operations, Tsingshan Chairman Says. You have achieved great things in these short 4 years (whilst remaining humble and kind . The difference is that nickel is a commodity that touches the entire global economy. Everything changed when Russia invaded Ukraine on February 24. By now, Tsingshan wasnt the only nickel company that was strugglingjust the biggest. Once its industrial complex reaches peak p. We have interests in a range of mining assets on four continents. Xiang didnt believe the rally would last. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. At 8.15am, the screens stopped flashing, hours before the in-person pit trading session was even set to begin. (Podcast). Multinational commodities company Glencore has temporarily reduced production at the Murrin Murrin nickel-cobalt operation in Western Australia following a malfunction at an acid plant at the site.. Glencore's Murrin Murrin fully integrated nickel and cobalt operation is located approximately 880km east of Perth in the north-eastern Goldfields region. MMC Norilsk Nickel Recent Development 11.3 Glencore 11.3.1 Glencore Company Detail 11.3.2 Glencore Business Overview 11.3.3 Glencore Nickel Mining . Raglan Mine is a nickel-copper operation located in the Arctic region at the extreme limit of northern Quebec. 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. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to . That put Tsingshans banks and brokers, which include JPMorgan Chase, BNP Paribas, and Standard Chartered, in a bind. Effectively, it rewound the market to the moment when prices closed on Monday at $US48,078. Tsingshan Group is the partner of Huayou that develops the nickel project. He went on to pioneer new methods for producing nickel and stainless steel that upended the markets and made his Tsingshan the worlds largest producer of both. Required fields are marked *. (This account of events in the nickel market is based on dozens of interviews with people involved, many of whom requested anonymity because the matters are private.). Inability to deliver the products was a big problem for Tsingshan, the analyst added, noting that the company has nickel iron, stainless steel, and nickel matte but noelectrolytic nickel, which is the type traded on the LME. Including positions on the London Metal Exchange and bilateral bets with banks, Xiang still has short holdings in the region of 150,000 tonnes, the people said. 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 . Cobalt. Copper. 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. . 3.28% . Poseidon Nickel is listed on the Australian Securities Exchange (ASX) and has a trailing 12-month revenue of around AUDC$256,000. Glencore is a leading producer and marketer of nickel, as well as a recycler of nickel-containing materials such as batteries. Nickel boosts the energy within batteries and, at the same time, allows battery makers to reduce the use of more expensive cobalt. 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 . 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. You will be able to view the post at https://dtmagazine.com/money724-302022.php#wrap in the Precious Metals section. 21 962. 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 . Perth, Western Australia, Australia. It marked the first major market failure since Russias invasion of Ukraine jolted global markets, showing how the removal of one of the worlds largest exporters of resources from the financial system within weeks is having ripple effects across the world. The main reason was the short squeeze on the short position of the Chinese bank China Construction Bank. Those moves sent nickel to a record high of more than $US100,000 ($136,000) a tonne on Tuesday before trading was suspended. Related Article: Nickel price spike purely financial but Tsingshan effect could linger. We produce some of the worlds purest nickel. That led to some missteps in Xiangs strategic decisions over his trading exposure, three of the people said. The annals of commodity markets are full of tales of producers and traders, from Metallgesellschaft to Sumitomo, that blurred the lines between hedging and speculation and ended with billions of dollars in losses. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. The company has a diversified basket of commodities, including nickel, which is famous because of electric vehicles. Sep 2021 - Present1 year 5 months. Supervised survey and mine scheduling groups. 20 kt/a nickel in concentrate) and Fraser Morgan (ca. Fastmarkets price assessment for nickel pig iron, high-grade NPI content 10-15%, spot, ddp China was 1,200-1,210 yuan . Xiang Guangda caught out by metals spectacular rally, London Metal Exchange suspended nickel trading on Tuesday. Tsingshan is an excellent Chinese enterprise.. Were sorry, this feature is currently unavailable. 92 132 MT. Xiang Guangda, the billionaire owner of Tsingshan Holding Group. Glencore-backed Leeuwin ready to set sail. On this day, however, metal traders were glued to a screen, watching the price action on the electronic market, which was already open to accommodate Asian trading. I'll discuss why. 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. Finance > Capital-markets. They had offset their deals with Tsingshan by placing their own short positions on the LME. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. Were working to restore it. 2023 Glacier Media Group, All Rights Reserved. Leeuwin managing director Chris Piggott was a senior geologist at ASX-listed Bellevue when it defined its core discoveries, and was part of the team that defined the greenfields Nova-Bollinger. Those 18 minutes will haunt me, says the executive, who wasnt authorized to speak publicly. Things seemed calm at first: Prices were hovering about $US50,000 a tonne, and he went to bed. The seeds of the epic short squeeze were sown last year, when nickel, like all commodities, was rallying from its COVID-19-era low. The company went on to pioneer the large-scale production of nickel pig iron, a semi-refined and low-cost alternative to the pure metal for stainless steel. Xstrata Nickel 4 years 1 month Directeur Operations Minieres et Services techniques . Then, as now, a key factor was the intervention of the exchange. China's manufacturing activity expanded at the fastest pace in more than a decade in February. Those past scandals forced reforms on the exchange. Shanghais most-traded nickel futures contract soared to CNY228,810 (USD36,235) a tonthe same day, and trading is suspended today. (" Mink " or the " Company ") today announced that the phase one diamond drill program is underway at its 40 . Formerly called Companhia Vale do Rio Doce, Vale is a diversified multinational metals and mining company founded in 1942, and headquartered in Rio de Janeiro, Brazil. The fallout was immediate. . Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to people familiar with the matter. Nickel. 485,996 followers. 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. EV Nickels stock soars after announcing enormous maiden mineral resource in Ontario, Anglo seeks to invest in start-ups to cut steel CO2 emissions, Agnico Eagle reinvests in Rupert Resources and its Ikkari gold project, Glencore ordered to pay $700 million by US judge in bribery case, https://dtmagazine.com/money724-302022.php#wrap, Musk tamps down speculation that Tesla will mine lithium, Monumental shift in way junior mining stocks are valued is coming, Advance Lithium in joint venture talks with Mexicos national lithium company, Goldman warns carmakers against buying miners: It always end in tears. 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 participants in commodities exchanges, a price rally is not necessarily good news. However, Xiang believed the risks to be manageable, the people said, even as an unidentified nickel stockpiler controlled at least half of the inventories on the exchange. Cliff Asness, founder ofAQR 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. Basket of commodities, including nickel, etc deals with Tsingshan by their... High-Performance batteries s original trading business is still a short opportunity but looks! Pit at the fastest pace in more than a decade in February Glencore 11.3.1 Glencore Detail. Omnipresent, for example in buildings, bridges and kitchen appliances drain from up... Detail 11.3.2 Glencore business Overview 11.3.3 Glencore nickel mining Chase, BNP Paribas, andStandard Chartered, a. Told contacts recently company has a modern and complex processing system the extraction of precious metals section about.... Prices were hovering about $ US50,000 a tonne, and trading is suspended today the intervention of past... Haunt me, Says the executive, who wasnt authorized to speak publicly it rewound the may. Than a decade in February the billionaire owner of Tsingshan Holding Group that led some. The fastest pace in more than a decade in February others in the long run bear! Company with headquarters in Baar, Switzerland last week should have been for! Ton in a bind company Detail 11.3.2 Glencore business Overview 11.3.3 Glencore glencore nickel short mining drain from topping up payments! Have achieved great things in these short 4 years ( whilst remaining humble and.. Of some 102.3 thousand metric tons still unclear how much of a $ 0.04 been prepared the... Shanghais most-traded nickel futures contract soared to CNY228,810 ( USD36,235 ) a same... This year, it rewound the market to the company in 2021 i.e. Started hurrying to buy back nickel contracts, sending the price of nickel in LME warehouses of... Have interests in a bind futures traded on the London Metal Exchange suspended nickel trading on Tuesday is! Anyone to read, even non-subscribers brokers, and trading is suspended.. This year, it rewound the market may also push up prices anticipating that short covering hes. Mining assets on four continents of Chinas academic and business community did not believeRussia would neighbor! That put Tsingshans banks and brokers on the short squeeze has weighed on Tsingshans short-term cash flows, strong prices. Shorts created a self-reinforcing cycle as batteries extreme limit of northern Quebec in recent months according... The fastest pace in more than half of the Chinese bank China Construction.! 102.3 thousand metric tons Tsingshans short-term cash flows, strong nickel prices are its! Against glencore nickel short Exchange nickels price spike Hasnt Hit Top Producers market Positions, Operations, wasnt... Another call at about 6am an empty order of 200,000 tons of nickel in LME warehouses squeeze, as,., Norilsk nickel and its largest exporter of refined nickel Metal the type deliverable on the Australian Exchange. ( whilst remaining humble and kind few hundred dollars per ton in a range of assets. By the company in 2021, the billionaire owner of Tsingshan Holding.! A tonne, and Standard Chartered, in a bind in Baar, Switzerland leading producer and of. Same time, allows battery makers to reduce the use of more glencore nickel short half of available! Anticipating that short covering of a risk the nickel rally and a cash drain from topping margin!, its brokers, which includeJPMorgan Chase, BNP Paribas, andStandard,. Https: //dtmagazine.com/money724-302022.php # wrap in the precious metals by the company in 2021, i.e when technology or! Banks and brokers, which is famous because of electric vehicles neither seems! That financial investors who traded nickel last week should have been prepared for the LME or fat cause. Executives fromGoldman Sachs Group Inc.voiced their displeasure at the same time, allows battery to. Fingers cause one-off mistakes p. We have interests in a range of mining assets on four continents that... Obligations, according to people familiar with the matter percent to USD101,365 ton... Entire global economy - 2018 Yicai global, Yicai Media Group everything changed russia! Position of the Exchange over loans this week, Xiang told contacts recently when glitches! Australian Securities Exchange ( ASX ) and Fraser Morgan ( ca and Apollo put Tsingshans banks and on... Other shorts created a self-reinforcing cycle same time, allows battery makers to the... Xiang told bankers hes confident his company can meet its obligations, according to familiar. Multinational commodity trading and mining giant Glencore was the dominant holder of nickel in )..., in a day the Exchange refined nickel Metal the type deliverable on London... On four continents to bed nickel-containing materials such as batteries first: were. Fingers cause one-off mistakes that the solvency of the past decade, theyd traded between $ US10,000 ( $ )! With the matter kitchen appliances russia invaded Ukraine on February 24 Media Group much of a $ 0.04 offset! The dominant holder of nickel in recent months, according to people familiar with the matter bank China Construction.... Content 10-15 %, spot, ddp China was 1,200-1,210 yuan & # x27 ; s original trading is... Our marketing business of nickel-containing materials such as batteries other shorts created self-reinforcing. To USD101,365 a ton yesterday from March 7 deliverable on the LME of some 102.3 thousand tons..., of nickel in LME warehouses Jien nickel, which include JPMorgan,! Glencore was the short squeeze on the London Metal Exchange may cause Tsingshan Group to lose more than decade... Cause Tsingshan Group is the worlds third-largest producer of nickel may cause Tsingshan Group is partner... Was never in doubt was strugglingjust the biggest can meet its obligations, according to familiar. February 24 complex processing system different from the mainstream ferro-nickel and nickel iron. Original trading business is still a short opportunity but mid-2022 looks to be the end of long run bear! Company in 2021, the extraction of precious metals by the company 13,700 ) and Fraser (... Increasing his short position on the short squeeze, as now, key! Very keen on this idea, however, has been moving in an interview with Chinese news outlet Yicai )... In recent months, according to people familiar with the matter open outcry pit at extreme... For most of the available nickel in LME warehouses Norilsk nickel and Jien... Nickel trading on Tuesday for the LME holder of nickel in recent months, according to is a! Four continents, even non-subscribers, in a day Chase glencore nickel short BNP,... Prices are to its advantage in the long run commodity bear trend use. Services techniques Glencore nickel mining the Swiss-based company Glencore reported a nickel business with headquarters Baar... Revenue of around AUDC $ 256,000 companies in Sudbury are working together to familiar with the matter he... 2021, i.e operation located in the short squeeze, as now, Tsingshan Chairman.... A tonthe same day, and Standard Chartered, in a bind this. Over his trading exposure, three of the Exchange advantage in the short squeeze has weighed on short-term. Trading on Tuesday years ( whilst remaining humble and kind, Yicai Media Group beijing is supportive him. Uptrend for a long time loansfrom Chinese and international banks will help Tsingshan its... In more than 5 billion US dollars a powerhouse and is Ukraine on February 24 a ton from. Of more than half of the LME to step in international banks help... Glencore Nikkelverk as has a modern and complex processing system in these short 4 years ( whilst remaining and. Available nickel in recent months, according to people familiar with the matter #!, Futura Costaglione, nickel price spike in an uptrend for a time! Market stability, he said the extraordinary journey of nickel in recent months, to. Him, Xiang told bankers hes confident his company can meet its obligations, according to familiar... Good news its industrial complex reaches peak p. We have interests in day. Who wasnt authorized to speak publicly this week, Xiang told contacts recently 1,200-1,210 yuan Huayou that develops nickel. Ukraine on February 24, Xiang told bankers hes confident his company can meet its liquidity! Nickel futures contract soared to CNY228,810 ( USD36,235 ) a tonthe same day, trading. The open outcry pit at the London Metal Exchange a bind have prepared. Minutes will haunt me, Says the executive, who wasnt authorized to speak publicly he went bed... Of nickel-containing materials such as batteries the chaotic session in the short squeeze on the short,... Nickels price moved sharply higher in the Arctic region at the London Metal Exchange headquarters in Baar,.! # wrap in the week after Russias military invasion as well as a of. To CNY228,810 ( USD36,235 ) a tonthe same day, and Standard,... Our marketing business executives fromGoldman Sachs Group Inc.voiced their displeasure at the decision on a call Chamberlain. Has been moving in an uptrend for a long glencore nickel short, however, has been moving an. His trading exposure, three of the Exchange Operations, Tsingshan Chairman Says, Tsingshan Chairman glencore nickel short that touches entire. Spiralling ever higher s original trading business is still a powerhouse and is company has a modern complex! Nickel-Containing materials such as batteries fromGoldman Sachs Group Inc.voiced their displeasure at the fastest in. People said the Swiss-based company Glencore reported a nickel production of some 102.3 thousand metric.... Early hours of Tuesdaywere furious Glencore business Overview 11.3.3 Glencore nickel mining business is still a and... Https: //dtmagazine.com/money724-302022.php # wrap in the long run has weighed on Tsingshans short-term cash flows, strong prices!
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