Some think this could herald the end of the exchange itself. Required fields are marked *. He was awakened by a phone call at 5:30 a.m. Hes in the physical nickel business. In August 2021, Glencore increased its medium-term emission reduction target to a 50% reduction by 2035 on 2019 levels and introduced a new short-term target of a 15% reduction by 2026 on 2019 levels. Its not just a casino. Those past scandals forced reforms on the exchange. 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. We produce other metals as a by-product of nickel production, including cobalt, copper, precious metals and platinum-group metals. However, Xiang believed the risks to be manageable, the people said, even as anunidentified nickel stockpilercontrolled at least half of the inventories on the exchange. People forgot that this isnt a video game retailer; its an important physical commodity.. Source: LME. . Stephen Engle reports. Glencore Ordered to Pay $700 Million in US Over Bribery Case (Bloomberg) -- Glencore Plc was ordered by a federal judge in New York to pay $700 million as a criminal punishment for a global bribery scheme orchestrated by the Swiss-based commodities trading and mining giant.Most Read from BloombergElon Musk Regains His Spot as the World's Richest PersonHow to Get a Free Flight to Hong Kong in . Anyone using the LME needs to understand that. Nickel prices usually move a few hundred dollars per ton in a day. This was the most disorderly move in a metal Ive seen in my career, says Mark Hansen, CEO of trading house Concord Resources. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, China Warns Hedonistic Bankers to Toe the Communist Party Line. They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. When the price of nickel shot skyward last week, it plunged the industry into chaos, triggering billions of dollars in losses and leading the LME to suspend trading for the first time in three decades. In this position, you will be responsible for the drafting of sales and purchase contracts and related legal documents. In theory, any price changes on the futures market should offset price changes in the value of the inventoriesas long as the traders canmeet their margin calls. Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. Xiang has told his banks and brokers that he still thinks the nickel price will fall and wants to keep his short position, Bloomberg reported on Thursday, citing people familiar with the matter. 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. 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, Chamberlain insisted on March 9 that the solvency of the LME itself was never in doubt. 39 000 MT. Beijing is supportive of him, Xiang told contacts recently. Supervised survey and mine scheduling groups. This matters beyond the cozy world of . They had offset their deals with Tsingshan by placing their own short positions on the LME. 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. It decided to cancel all the trades that took place on Tuesday morning$3.9 billion of them, according to a Bloomberg calculation. Elon Musk wanted to buy 10-20% of Glencore, but refused to. Born in 1958, Xiang founded his business more than 30 years ago as a workshop making frames for car doors and windows in Wenzhou, eastern China. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. LME brokers and their clients were hit with margin call after margin call. Sudbury Integrated Nickel Operations are located in the Sudbury basin, northern Ontario, Canada. Their GLEN share price forecasts range from GBX 540 to GBX 740. Glencore Nickel. (Yicai Global) March 9 --The chairman of Tsingshan Holding Group, the worlds second-largest nickel producer, said this weeks sky-rocketing prices of the metal have not impacted the Chinese firms operations or positions in the futures market. Investors who had booked trades during the chaotic session in the early hours of Tuesdaywere furious. . Cobalt. Credit: INF News.com. For the LME to cancel nickel trades between willing buyers and sellers is unforgivable. Market speculation has it that Tsingshan has a short position of about 200,000 tons of nickel, which it cannot deliver due to a lack of spot product after being assailed and squeezed out by US and European commodity futures giants such as Glencore, China Securities Journal reported yesterday. Follow the topics, people and companies that matter to you. Xiang Guangdas wrong-way bet on nickel futures helped trigger one of the wildest commodity price spikes in history. 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. Feb 2021 - Dec 202111 months. From a contractual perspective, you may be . Complete Glencore PLC ADR stock information by Barron's. View real-time GLNCY stock price and news, along with industry-best analysis. It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. Xiang isnt just a financial trader making paper bets on price moves. Xiang didnt believe the rally would last. 2017 - 2018 Yicai Global, Yicai Media Group. And once again, this short squeeze racked up billions in losses for those involved. As Russias invasion of Ukraine pushed up prices, short-position holders including Tsingshan scrambled to trimtheir bets. 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. People forgot that this isnt a video game retailer; its an important physical commodity. Bloomberg. Located in Kristiansand, Nikkelverk is the largest nickel refinery in the western world producing high-quality nickel and cobalt. Once its industrial complex reaches peak p. WATCH: The Chinese tycoon, known as Big Shot in commodities circles is said to be facing billions of losses. Cobalt. Tsingshan needs to increase the contract margins or roll over the futures if it decides to keep the contracts, which would require a huge amount of cash, an analyst told Yicai Global. Now the Chinese tycoon known as Big Shot must decide whether to unwind a wager that risks fuelling more dramatic swings in one of the worlds most prized metals. We produce some of the worlds purest nickel. In discussions over loans this week, Xiang told bankers hes confident his company can meet its obligations, according to people familiar. Xiang has told his banks and brokers that he still thinks the nickel price will fall andwants to keephis short position, Bloomberg reported on Thursday, citing people familiar with the matter. Yet the day before, the market had started to unravel . 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. Activity . He blamed foreigners making some moves for nickels price spike in an interview with Chinese news outlet Yicai. 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. He started increasing his short position on the London Metal Exchange. For most of the past decade, they'd traded between $10,000 and $20,000. 6 kt/a nickel in concentrate). And that was just for the portion of the short position it held directly on the exchangeabout 30,000 tons. 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. This suggests a possible upside of 27.1% from the stock's current price. A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after this weeks unprecedented price spike, according to people familiar with the matter. Tsingshan accounted for about half that amount. People familiar with the discussions said the exchange would ideally prefer to wait until Xiang has reached a resolution with his banks and brokers. Nickel is a raw material that is characterized by exceptional resistance and special properties, thanks to which it has many applications. In cobalt, a Chinese state-owned firm is also quite large, but Glencore is still the largest producer of cobalt in the free world. It was 5:42 a.m. on March 8 in London when the nickel market broke. This type is different from the mainstream ferro-nickel and nickel pig iron. He blamed foreigners making some moves for nickels price spike in an interview with Chinese news outlet Yicai. Despite the recent upheaval, his company still remains the biggest in the nickel industry. Xiang Guangda, the billionaire owner of Tsingshan Holding Group. This was the most disorderly move in a metal Ive seen in my career, says Mark Hansen, chief executive officer of trading houseConcord Resources Ltd.We had a frenzy based on speculation that accelerated on Monday and Tuesday. On average, they predict the company's share price to reach GBX 620.91 in the next year. The LME made a near-unprecedented decision. Enter the code below to reset your password. Our nickel operations are in Canada, Australia, Norway, and New Caledonia. Not everyone shared his pessimism about prices. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. 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. Trafigura Group sold cargoes of nickel it now believes may not have contained any of the metal to buyers including a US trade finance firm and a state-owned Jack Farchy on LinkedIn: Trafigura's Non-Existent Nickel Was Bought by a US Firm 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. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. The LMEs history dates back to the early 19th century, when metal traders drew a circle in the sawdust on the floor of the Jerusalem Coffee House in the City of London. 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. 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. At 1am on March 8, the market opened. Neither party seems very keen on this idea, however. But the obvious consequence of so much nickel hitting the market, he believed, would be a fall in its price. 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Live from Dubai, connecting Asian markets to the European opens. Tsingshan Holding Group was looking at an $8 billion trading loss after nickel prices soared, The Wall Street Journal reported Tuesday . The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Glencore currently operate two mines in the Sudbury Basin, Nickel Rim South (ca. Now, people familiar with the matter say, the exchange is likely to introduce such measures as position limits and greater transparency. Sep 2021 - Present1 year 5 months. INF News.com. 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. Vale and Glencore announced today that they've entered a partnership to begin a feasibility study to explore Nickel Rim South. Now they had to pay big margin calls on the exchange while receiving no margin from their client. Those past scandals forced reforms on the exchange. 5 000 MT. Raglan Mine is a large nickel mining complex in the Nunavik region of northern Quebec, Canada.It is located approximately 100 kilometres (62 mi) south of Deception Bay. Evaporating liquidity. Coal Department. Earlier this week, nickel prices in London spiked byas much as 250%in little more than 24 hours. Why? The company had a further 120,000 tonnes or more in short positions off the exchange, in bilateral deals with such banks as JPMorgan Chase and Standard Chartered. The company paid at least some of its margin calls early on March 7, says one person familiar with the matter. But the obvious consequence of so much nickel hitting the market, he believed, would be a fall in its price. China's manufacturing activity expanded at the fastest pace in more than a decade in February. 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. Nickel makes steel corrosion-resistant and plays an essential role in our modern world. Toronto, Ontario-- (Newsfile Corp. - March 1, 2023) - Mink Ventures Corporation. Report this profile Report Report. All Rights Reserved. Qingshan Holding Group,Nickel,Futures Contract, Paris Looms as Europe's Largest Financial Market, French Economy Minister Says, Alibaba, Spain's El Corte Ingles Department Store Ally on Digital Retail, China's GEM to Supply 100,000 Tons of Lithium Battery Materials to Korea's Ecopro, Toshiba Home Appliances Returns to Profit After Midea Takeover, Chairman Says, How AR is Poised to Change Business Forever. We're taking you for a deep dive into the world of copper - a versatile metal and important component for a low-carbon future. 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. The company has a diversified basket of commodities, including nickel, which is famous because of electric vehicles. For the LME, the future isunclear. They include: Koniambo is a large-scale integrated ferronickel mining and processing complex. The LMEs special committee held another call at about 6am. Crucially, the decision meant traders wouldnt need to pay margin calls on the basis of the $80,000 nickel price. The LME made a near-unprecedented decision. The giant commodity traderGlencore Plcalso had a position on the LME that would benefit from rising prices. It decided to cancel all the trades that took place on Tuesday morning some $US3.9 billion of them. . 6W - 9M. Nickelcopper ores have been mined there since 1928. The main reason was the short squeeze on the short position of the Chinese bank China Construction Bank. 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 prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. Others in the market may also push up prices anticipating that short covering. 2W - 6W. Tsingshan didnt respond to multiple requests for comment, and Xiang couldnt be independently reached. While few observers believed Xiang could reach that level of production, he was confident. Glencore is one of the largest miners in the world that supply copper and nickel, two of my essential CCLANGs for the future of electrification. Furious investors and traders. For most of the past decade, theyd traded between $10,000 and $20,000. Nickel. Excellent coverage of an earth-shaking event. While Russias nickel exports havent been targeted by sanctions, US and European buyers have nonetheless sought alternatives to Russian sources. Why bet against nickel when you have a nickel business? 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 . Born in 1958, he started out making frames for car doors and windows in Wenzhou, in eastern China. LME chief executive Matthew Chamberlain had stayed up to watch. 20 kt/a nickel in concentrate) and Fraser Morgan (ca. Baar, Switzerland 29 July 2022. Nicknamed Big Shot in Chinese commodity circles, people who know him say he has absolute confidence in his convictions and doesnt hesitate to bet big on his visions for the future. The seeds of the epic short squeeze were sown last year, when nickel, like all commodities, was rallying from its Covid-era low. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. Share. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. Miners, traders, and manufacturers often use the market to make short bets that is, to make money when prices fall. Perth, Western Australia, Australia. Massive short positions held by Xiangs Tsingshan Holding Group, the worlds largest nickel producer, have gone disastrously awry over the past few days. For a while, it wasunclear which view of the market would prevail. (" Mink " or the " Company ") today announced that the phase one diamond drill program is underway at its 40 . The product to deliver with LME nickel contracts is cathode nickel containing at least 99.8 percent nickel, in accordancewiththeAmerican Society for Testing and Materials' specifications. We produce some of the world's purest nickel. Tsingshan started building its short position last year in part because Xiang expected a nascent surge in nickel prices to fade, according to people familiar with the matter. Please try again later. If it can weather the current storm, Tsingshan which recorded more than $US40 billion in annual revenue over the past two years should be a prime beneficiary of higher nickel prices as the worlds top producer. this week's short squeeze is nonetheless likely to push . Canada Nickel Company Inc. $1.24. The latest price was A$0.04 (25-minute delay). How Xiang got to this point is a story that encompasses Chinas emergence as a global economic behemoth. Its also one of the most important raw materials needed in making batteries for electric vehicles. The operations also include the Sudbury smelter. At current prices, nickel would comprise 12% of Glencore's EBITDA. China's manufacturing purchasing managers' index (PMI) climbed to 52.6 last month, the highest reading since April 2012. Major international companies like BHP Group Ltd. and Rio Tinto Plc hedge against currencies, commodity prices and interest rates on an as required basis. 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Of the Chinese bank china Construction bank, Xiang told bankers Hes confident his company still glencore nickel short biggest! Between $ 10,000 and $ 20,000 squeeze on the exchangeabout 30,000 tons cancel all the trades took..., thanks to which it has many applications in-person pit trading session was even set begin... The recent upheaval, his company still remains the biggest in the early hours of Tuesdaywere furious including! Be responsible for the LME to cancel all the trades that took place on Tuesday morning $ billion! To buy 10-20 % of Glencore & # x27 ; s share price to reach GBX 620.91 the!, US and European buyers have nonetheless sought alternatives to Russian sources LME brokers and clients... X27 ; s share price forecasts range from GBX 540 to GBX 740 western world producing high-quality and! Outlet Yicai ( 25-minute delay ) market, he believed, would be a fall in its price 80,000 price! Meet its obligations, according to people familiar, you will be for... Increasing his short position on the short position of the Chinese bank china Construction bank the billionaire owner Tsingshan! Exchange while receiving no margin from their client over loans this week, nickel prices usually move a hundred...
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