Already at an all-time high by 5:42 a.m., it lurched higher in stomach-churning leaps, soaring $30,000 in a matter of minutes. For the LME to cancel nickel trades between willing buyers and sellers is unforgivable. The seeds of the epic short squeeze were sown last year, when nickel, like all commodities, was rallying from its Covid-era low. Traders and brokers on the open outcry pit at the London Metal Exchange. Executives fromGoldman Sachs Group Inc.voiced their displeasure at the decision on a call with Chamberlain. 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. It decided to cancel all the trades that took place on Tuesday morning$3.9 billion of them, according to a Bloomberg calculation. 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. (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. Executives at Tower Research Capital, one of Wall Streets oldest electronic market-makers, reined in its trading activity on the LME and put its membership in the exchangeunder review. (By Jack Farchy, Alfred Cang and Mark Burton, with assistance from Sridhar Natarajan), Your email address will not be published. LME brokers and their clients were hit with margin call after margin call. Matthew Chamberlain, the LMEs chief executive officer, had stayed up to watch. Four or five of the brokerages that are LME members would have failed, a shock that could have devastated the global metals industry. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. 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. Your password has been changed successfully. Our marketing business markets nickel and nickel concentrates, as well as by-products and ferronickel. Not everyone shared his pessimism about prices. 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. But Xiang must now decide what to do with those positions, which give him outsize influence on the price of a metal used in everything from electric-vehicle batteries to stainless-steel kitchen appliances. Copper. Pemex Reports $9.4 Billion Loss as AMLO Fails to Revive Output . Some traders and bankers have questioned whether a producer like Tsingshan, which has relatively low production costs and is active in all parts of the supply chain, really needs such a large hedging position. By now, the entire nickel industry was in crisis. 5 000 MT. Please try again later. Share. Tsingshan Holding Group was looking at an $8 billion trading loss after nickel prices soared, The Wall Street Journal reported Tuesday . , Mar 23, 2022. Find the latest Glencore plc (GLNCY) stock quote, history, news and other vital information to help you with your stock trading and investing. If you don't see the email, check your junk, spam or other folders. Now they had to pay big margin calls on the exchange while receiving no margin from their client. 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. 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. The two major mining companies in Sudbury are working together to . He draws a comparison with Silver Thursday, the day in 1980 when an attempt by the Hunt brothers to corner the silver market came unstuck. 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. The LMEs special committee held another call at about 6am. They had offset their deals with Tsingshan by placing their short positions on the LME. Cobalt. For most of the past decade, theyd traded between $10,000 and $20,000. Beijing is supportive of him, Xiang told contacts recently. Were working to restore it. Tsingshan mostlymakesstainless steelthat isused inthepetroleum, chemicals, auto,and other fields. Tsingshans were even larger, numbering roughly $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. During the fiscal year 2021, the Swiss-based company Glencore reported a nickel production of some 102.3 thousand metric tons. Discovery of the deposits is credited to Murray Edmund Watts in 1931 or 1932. Nickel is also used in certain types of steel which lower magnetic properties. Chinese entrepreneur Xiang Guangda has been caught out by nickels price surge. The annals of commodity markets are full of tales of producers and traders, fromMetallgesellschafttoSumitomo, that blurred the lines between hedging and speculation and ended with billions of dollars in losses. Furious investors and traders. As of the evening of March 13, the LME had yet to announce a date for nickel trading to resume. Our analysis assumes the development of Onaping Deeps with production commencing in 2021 at a capital cost of $750 million. Raglan Mine is a nickel-copper operation located in the Arctic region at the extreme limit of northern Quebec. Its not just a casino. Nickel prices had been rising for weeks, amid fears that supplies from Russia the largest exporter of refined nickel would be disrupted if the countryinvaded Ukraine. WATCH: The Chinese tycoon, known as Big Shot in commodities circles is said to be facing billions of losses. 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. Cobalt. It was 5:42 a.m. on March 8 in London when the nickel market broke. That could either result in a huge loss for Tsingshan or the sale of a more than 60 percent stake in the companys Indonesian nickel mine and interest in its industrial park in the southeast Asian country, the report said. Glencore Nikkelverk AS has a modern and complex processing system. Glencore will give almost 6bn to shareholders after the mining and commodities company reported record pre-tax profits of more than 28bn in 2022 . Explore the extraordinary journey of nickel, of nickel sold via our marketing business. 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 . Yet the day before, the market had started to unravel, with prices rising by astunning66% to $48,078. For participants in commodities exchanges, a price rally is not necessarily good news. 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 metal is found in all our homes as a key ingredient of stainless steel. Even at that level, clients of LME brokers had failed to pay some $US500 million of margin calls in relation to their short positions on the exchange, says a person familiar with the matter. 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. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. 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. Xiang himself had little interest in international news, the people said, and the growing speculation over a possible war was hard to track in China. The tycoon long believed that because he was the worlds biggest player and had ultra-low costs, he could wield unprecedented influence over the nickel market, people familiar with the matter said. . Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. Everything changed when Russia invaded Ukraine. 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. The LMEs special committee held another call at about 6 a.m. Now they recognized that they had tosuspend trading. 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. 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 that was just for the portion of the short position it held directly on the exchange about 30,000 tonnes. 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. Login. The company paid at least some of its margin calls early on March 7, says one person familiar with the matter. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. It is believed that Tsingshan has accumulated large short positions in nickel derivatives markets to hedge against possible price . Get in touch with us now. Neither party seems very keen on this idea, however. Mar 16, 2022 - 8.00am. It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. As Russias invasion of Ukraine pushed up prices, short-position holders including Tsingshan scrambled to trim their bets. Xiang was aware of flaws in his strategy, people familiar with the matter said. Nickel prices, however, has been moving in an uptrend for a long time. At 8.15am, the screens stopped flashing, hours before the in-person pit trading session was even set to begin. 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. Nickel prices had been rising for weeks, amid fears that supplies from Russia the largest exporter of refined nickel would be disrupted if the country invaded Ukraine. Excellent coverage of an earth-shaking event. Sr. Exploration Geologist CMDIC Collahuasi 2006 - 2007 1 year. 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 . 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. Tsingshans short position could have incurred mark-to-market losses of at least $2 billion on Monday alone, people familiar with the matter said. The LME suspended nickel-market trading on Tuesday and the Shanghai Futures Exchangefollowed suita day later, after prices on Chinas top commodities bourse hit their daily upward limit. It was 5.42 am on March 8 in London when the nickel market broke. But its obligations dwarfed its available cash and bank credit. 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. Xiang wanted to increase Tsingshans production dramatically by producing so-callednickel mattefor electric vehicle batteries. Sulphuric acid. 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. Our marketing business markets nickel and nickel concentrates, as well as by-products and ferronickel. Glencore. The company has a diversified basket of commodities, including nickel, which is famous because of electric vehicles. MINK. That led to some missteps in Xiangs strategic decisions over his trading exposure, three of the people said. 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. Some market rumors are circulating that Glencore might squeeze Tsingshan on LME Nickel for its 60% stake in a nickel mine in Indonesia. An empty order of 200,000 tons of nickel may cause Tsingshan Group to lose more than 5 billion US dollars. Its unclear whether he will get his way. We're taking you for a deep dive into the world of copper - a versatile metal and important component for a low-carbon future. Miners, traders, and manufacturers often use the market to make short betsthat is, to make money when prices fall. We had a frenzy based on speculation that accelerated on Monday and Tuesday. 4 354 . 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. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metal the type deliverable on the LME. The company has assured creditor banks in China that its . Explore the latest reports and results, including financial results, production reports and our annual report. 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. Those past scandals forced reforms on the exchange. The LME suspended nickel-market trading on Tuesday and the Shanghai Futures Exchange followed suit a day later, after prices on Chinas top commodities bourse hit their daily upward limit. He blamed foreigners making some moves for nickels price spike in an interview with Chinese news outlet Yicai. As at January 31, 2023 Glencore holds 72,008,404 Common Shares, representing approximately 70.8% of the issued and outstanding Common Shares. You will be able to view the post at https://dtmagazine.com/money724-302022.php#wrap in the Precious Metals section. In theory, there should be two options for this 200,000 tons of nickel short order: 1. 20 kt/a nickel in concentrate) and Fraser Morgan (ca. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Si estn subiendo los predios de los metales y dedcuieto nuevas forulasparavas frmulas paraformar y tranformar los metales megustaria encontrar una empresa ,organizacin,para si le interereza ase un tratado denegosiar un trato demostraciones y prbarles yensearleslo que estudie transformaciones aliaciones dijitales y la fabricacionde. People forgot that this isnt a video game retailer; its an important physical commodity.. Most analysts sided with Xiang, at least in the medium term, believing that nickel productionled by Tsingshan and its competitors in Indonesiawould outpace demand. 485,996 followers. At the time of the LME's trading halt, nickel had gained more than 230% in March. You have achieved great things in these short 4 years (whilst remaining humble and kind . Xiang himself had little interest in international news, the people said, and the growing speculation over a possible war was hard to track in China. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metalthe type deliverable on the LME. Enter the code below to reset your password. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. (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.). Related Article: Nickel price spike purely financial but Tsingshan effect could linger. Glencore-backed Leeuwin ready to set sail. Tsingshan accounted for about half that amount. In turn, the extraction of precious metals by the company in 2021, i.e. Credit: INF News.com. Tsingshans nickel doesnt match the grade used in settlement on the LME, so the contracts arent a perfect hedge. Glencore is still a short opportunity but mid-2022 looks to be the end of long run commodity bear trend. Those moves sent nickel to a record high of more than $US100,000 ($136,000) a tonne on Tuesday before trading was suspended. 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. Tsingshan is an excellent Chinese enterprise.. Golf's Greatest Holes: Golfing legend Paul McGinley takes television presenter Chris Hollins on a tour of the best golf courses in Ireland and Northern Ireland. Located in Kristiansand, Nikkelverk is the largest nickel refinery in the western world producing high-quality nickel and cobalt. Harjavalta nickel smelter in Finland (Credit: Boliden). Finance > Capital-markets. Company says it puts it into the league of the largest undeveloped nickel deposits in the world. Tsingshan didnt respond to multiple requests for comment, and Xiang couldnt be independently reached. Already at an all-time high by 5.42am, it lurched higher in leaps, soaring $US30,000 in a matter of minutes. Anyone using the LME needs to understand that. Its not just a casino.. The Chinese government may also play a role. In this position, you will be responsible for the drafting of sales and purchase contracts and related legal documents. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. 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. Baar, Switzerland 29 July 2022. MT. Hes in the physical nickel business. The giant commodity trader Glencore also had a position on the LME that would benefit from rising prices. As the price rose through the London day after offices in Asia had closed, Tsingshan started struggling to pay, the people say. 02 March 2023. It can produce 1.8 million tons of nickel alloy and its mine in Indonesia has an annual capacity of over 3.5 million tons. The Chinese government may also play a role. Vale is the world's largest producer of nickel, one of the most versatile metals in existence. 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 . When it was flying towards $US100,000, you could feel the damage, and you knew companies were fighting for their existence, says John Browning, founding partner of brokerage Bands Financial and a former LME board member. 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. Its participants are a mix of the industrial metals companies, which tap the market to offset their price risks, and hedge funds, which use it to speculate. Sign up to get it every weekday morning. For Xiangs big short position, that was painful. Despite the recent upheaval, his company still remains the biggest in the nickel industry. this week's short squeeze is nonetheless likely to push . Elon Musk wanted to buy 10-20% of Glencore, but refused to. The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Glencore is a leading producer and marketer of nickel, as well as a recycler of nickel-containing materials such as batteries. 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. Why bet against nickel when you have a nickel business? Some traders and bankers have questioned whether a producer like Tsingshan, which has relatively low production costs and is active in all parts of the supply chain, really needs such a large hedging position. 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. Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. His position as merely a hedge or as a glencore nickel short bet which is famous because electric. His strategy, people familiar with the matter and brokers on the outcry! 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