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. But its obligations dwarfed its available cash and bank credit. It was 5:42 a.m. on March 8 in London when the nickel market broke. It should be mentioned that nickel had already rallied to $25,000 in January before easing off by the end of the month. HONG KONGChinese nickel titan Tsingshan Holding Group faces billions of dollars in trading losses, people familiar with the company said, after .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}Russias war in Ukraine set off an unprecedented rise in the price of a key metal used in stainless steel and electric-vehicle batteries. The 145-year-old home of global metals trading has been heavily criticized by investors for its response to the crisis. Those 18 minutes will haunt me, says the executive, who wasnt authorized to speak publicly. 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 . It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. Nickel, used in stainless steel and electric-vehicle batteries, surged as much as 250% in two days to trade briefly above $100,000 a ton early Tuesday. The fear was that Tsingshan could not make its margin calls, interim payments to parties on the other side of the trade. Tsingshan agreed standstill with JPMorgan-led group of banks, Talks continue on loan facility to backstop short position. The majority of retail investor accounts lose money when trading CFDs. The price move on March 8 created a systemic risk to the market, the LME said two days later. Trimegah menilai bisa. Others in the market may also push up prices in anticipation of that short covering. Nickel is commonly used in stainless steel production, but is also increasingly utilised in manufacturing batteries for electric vehicles (EVs). 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. 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Everything changed when Russia invaded Ukraine. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. https://www.wsj.com/articles/nickel-market-crisis-sends-london-metal-exchange-scrambling-to-prevent-damage-11646858558. UNFORGIVEABLE,tweetedMark Thompson, a former trader at Trafigura and Apollo. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. Following Russias invasion of Ukraine on 24 February, the three-month nickel contract rocketed to more than $100,000/tonne on 8 March, hitting an intra-day high at $101,365 on the same day. Traders must deposit cash, known as margin, with their brokers on a regular basis to cover potential losses on their positions. Opinion. Keep in mind that past performance is no guarantee of future returns. See here for a complete list of exchanges and delays. Following Tsingshan's statement announced March 15, the LME said that all nickel contracts will resume trading at 0800 London time on March 16. They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. 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. 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 . Tsingshan was unable meet margin calls and only avoided bankruptcy after . NIC's operations and cash flow remained stable in 2022 despite Tsingshan's significant loss on its nickel short position in March 2022. It also doesn't create waste and may help fight the climate crisis. This is a fee deposit with a counterparty (often the brokers or exchange) to cover some of the credit risk undertaken to take a short position. https://www.wsj.com/articles/chinese-nickel-giant-tsingshan-faces-8-billion-trading-loss-as-ukraine-war-upends-market-11646765353. 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Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. While the exact scale of Mr Xiangs losses is unclear, Tsingshans short position on the London Metal Exchange is in the region of 100,000 tonnes of nickel, people familiar with the matter said. 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. But the effects of the short squeeze are likely to be felt in other ways. The LME did not put it into default, instead giving it more time to pay. Tsingshan's difficulties paying its margin calls have put its . read more. FY18 RESULTS, FY19 GUIDANCE AND CORPORATE PRESENTATION 22 AUGUST 2018 AGENDA Results Guidance Corporate Operations Growth Exploration Nickel Market DISCLAIMER AND FORWARD For the LME to cancel nickel trades between willing buyers and sellers is unforgiveable. Tsingshan is an excellent Chinese enterprise, and our positions and operations dont have any problems.. All quotes delayed a minimum of 15 minutes. Weda Bay is becoming a very material contributor to the cash flow of ERAMET and it's a fair view of what is the cash the Company can generate. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. The unprecedented rally prompted the 145-year-old exchange to suspend nickel trading Tuesday. Xiang Guangda in 2017. Xiang shrugged off suggestions to reduce short positions, Tsingshans nickel short position stood at about 150,000 tons. 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. This copy is for your personal, non-commercial use only. 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 limits also meant that those buyers seeking to unwind their positions had to join a long queue of sellers waiting to complete their transactions. Several large brokers got margin calls of close to US$1 billion each over the course of the day. The Initial Margin was $20,000 per contract. Join the 500.000+ traders worldwide that chose to trade with Capital.com, Also you can contact us: "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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. As of the evening of March 13, the LME had yet to announce a date for nickel trading to resume. Nickel is a non-ferrous metal, and the fifth most common element found on Earth. If you are considering investing or trading nickel, its important to do your own research. Sanctions being implemented by Western powers against Russia over the invasion of its neighbour raised immediate concerns over the global supply of nickel, a metal that is primarily used around the world to make stainless steel and batteries and of which Russia accounts for around 10 percent of global supply. That might have taken down some of the LME 's member-brokers. Only you can decide whether nickel is a good buy or not. 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. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. 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. Today, Tsingshan is the biggest nickel producer in the world, accounting for around 20% of the global market. The wild rise of nickel drew comparisons to the short squeezes in meme stocks such as GameStop Corp. that gripped retail investors for much of last year. The frenzied move the largest-ever on the LME came as investors and industrial users who had sold the metal scrambled to buy the contracts back after prices initially rallied on concerns . A consortium of hedge bank creditors that has a standstill agreement with Tsingshan agreed not to close out the positions against the company or to make further margin calls on the existing positions. 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. The new historic high is nearly twice the previous record of $51,600 in 2007. 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 exchange under review. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, Stocks, Bonds Drop as Traders Weigh Data, Fedspeak: Markets Wrap, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal, Cash Is Paying More Than Traditional Stock-Bond Portfolio. People familiar with the discussions said the exchange would ideally prefer to wait until Xiang has reached a resolution with his banks and brokers. Pada titik ini, posisi short Tsingshan dibekukan. [2] It moved into the Indonesian nickel industry in 2009. On March 8,2022 price of Nickel went suddenly up $100 per kilogram . articles a month for anyone to read, even non-subscribers! 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. Q. On the London Metal Exchange, the premier trading and price-formation venue for industrial metals, nickel traded between $10,000 and $20,000 per metric ton and moved about $100 each day. The LME suspended trading in nickel on Tuesday morning after one of the most dramatic price spikes in commodity market history. But this week the rally became a melt-up, with prices surging as much as 250 per cent in little more than 24 hours, to an all-time high of $US101,365 a tonne. For the fourth quarter, the company expects to generate "high single-digit. As the market was picking up on the short squeeze of Tsingshan, the LME had decided to intervene. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, 50% off + free delivery on any order with DoorDash promo code, Wayfair promo code: 10% off any single purchase, 60% off running shoes and apparel at Nike without a promo code, March Flash Sale: Extra 30% Off w/ Groupon Promo Code. ), by sales channel (Direct Channel, Distribution Channel), by player (Shandong Xinhai Technology, Tsingshan Holding Group, Eramet, Linyi Yichen Alloy, Jiangsu Delong Nickel Industry . Several large brokers got margin calls of close to US$1 billion each over the course of the day. 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. Mr Xiang began building the short position in part because he wanted to hedge rising output, but also because he believed the rally in nickel prices would fade this year. See here for a complete list of exchanges and delays. The price spike left Tsingshan exposed to $8 billion USD of trading losses whilst struggling to meet their margin calls. If the market moves against those positions, they receive a margin call requesting further funds and if they fail to pay, they can be forced to close their position. Perdagangan nikel di LME dihentikan sementara sejak Selasa lalu. 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Chinese nickel giant at center of action, Tsingshan, received financial lifeline from banks to help meet margin calls related to $8 billion in paper losses Since Russia invaded Ukraine at the. 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. Just over a year after the historic short squeeze involving video-game retailer GameStop sent shockwaves around the financial world, a similar episode broke out in early March, this time on the London Metal Exchanges (LME) nickel market. Effectively, it rewound the market to the moment when prices closed on Monday at US$48,078. Reuters could not determine how large Tsingshan's short position currently is after it cut its exposure. A short squeeze is a market condition caused by massive short positions. For participants in commodities exchanges, a price rally is not necessarily good news. 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. Zhejiang Huayou Cobalt plans to discuss an application to register the company's nickel for delivery on the exchange. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Li Huan/Red Star News/VCG via Getty Images. LONDON (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 . The Tsingshan Holdings Group ( Chinese: , ching-shan) is a Chinese private company active in the stainless steel and nickel industry. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. The three-month LME nickel prices hit an intra-day high at $101,365 a metric tonne on 8 March 2022. Nickel trading did resume on March 16, but the exchanges electronic trading system malfunctioned on several occasions after resumption, while preset daily limits on price movements (5 percent on the 16th, then 8 percent the following day, 12 percent on March 18 and 15 percent from March 21) prevented futures prices from falling sufficiently to levels that would entice buyers to enter the market once more. 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. Given that JPMorgan was reported as the biggest trading counterparty against which Tsingshans nickel trades were made, the US bank led the subsequent agreement to arrange a rescue credit facility, secured from various lenders, including China Construction Bank (CCB), to help the Chinese nickel giant address its immediate liquidity squeeze. 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