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. Those moves sent nickel to a record high of more than $100,000 a ton on Tuesday beforetrading was suspended. By now, Tsingshan wasnt the only nickel company that was strugglingjust the biggest. Nickel. Tsingshan is in touch with relevant parties and has the support of Chinese government departments and leaders, he added. 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. It decided to cancel all the trades that took place on Tuesday morning some $US3.9 billion of them. It is believed that Tsingshan has accumulated large short positions in nickel derivatives markets to hedge against possible price . People familiar with the discussions said the exchange would ideally prefer to wait until Xiang has reached a resolution with his banks and brokers. Wayne has over 20 years of operational management experience of complex hydrometallurgical plants, specialising in transformation of operational and . However, reports that Beijing is mulling a rescue deal for Tsingshan Holding Group , the company behind nickel's big short . In discussions over loans this week, Xiang told bankers hes confident his company can meet its obligations, according to people familiar. Nickel prices usually move a few hundred dollars per ton in a day. He was awakened by a phone call at 5:30 a.m. Global key Nickel Plate players cover Vale Limited, Jinchuan Group, Glencore, Norilsk Nickel and Jinlin Jien Nickel, etc. 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 . Anyone using the LME needs to understand that. 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Glencore's original trading business is still a powerhouse and is . Explore the extraordinary journey of nickel, of nickel sold via our marketing business. Mark Hansen, chief executive officer of Concord Resources. 92 132 MT. Just after 6 a.m., the price of nickel passed $100,000 a ton. This was the most disorderly move in a metal Ive seen in my career, says Mark Hansen, chief executive officer of trading houseConcord Resources Ltd.We had a frenzy based on speculation that accelerated on Monday and Tuesday. Late Tuesday . this week's short squeeze is nonetheless likely to push . Located in Kristiansand, Nikkelverk is the largest nickel refinery in the western world producing high-quality nickel and cobalt. 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. Glencore's disclosure follows a forecast earlier this month that there needs to be greater investment in nickel production, even though the short-term picture suggests there will be a glut of the metal. 39 000 MT. . Nickel is also used in certain types of steel which lower magnetic properties. Glencore has a short interest ratio ("days to cover") of 0.2, which is generally considered an acceptable ratio of short interest to trading volume. Xiang didnt believe the rally would last. 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. Some started hurrying to buy back nickel contracts, sending the price of nickel spiraling ever higher. 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. Required fields are marked *. Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. Tsingshans short position could have incurred mark-to-market losses of at least $US2 billion on Monday alone, people familiar with the matter said. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region. View analysts price targets for GLEN or view top-rated stocks among Wall Street analysts. Anyone using the LME needs to understand that. Its unclear whether he will get his way. 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. Pemex Reports $9.4 Billion Loss as AMLO Fails to Revive Output . MINK. 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. Harjavalta nickel smelter in Finland (Credit: Boliden). (By Jack Farchy, Alfred Cang and Mark Burton, with assistance from Sridhar Natarajan), Your email address will not be published. Xiang isnt just a financial trader making paper bets on price moves. This suggests a possible upside of 27.1% from the stock's current price. 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. 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. I'll discuss why. articles a month for anyone to read, even non-subscribers! In the short term, apackage of loansfrom Chinese and international banks will help Tsingshan meet its immediate liquidity squeeze. Glencore Nickel. For participants in commodities exchanges, a price rally is not necessarily good news. He was awakened by a phone call at 5.30am. Coal Department. Like Comment Share. 115 000 MT. gold and silver, amounted to 809 and 31 516 tons, respectively. (Podcast). Then, as now, a key factor was the intervention of the exchange. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metal the type deliverable on the LME. UNFORGIVABLE, tweeted Mark Thompson, a former trader at Trafigura and Apollo. Those 18 minutes will haunt me, says the executive, who wasnt authorized to speak publicly. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. 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. Executives from Goldman Sachs Group voiced their displeasure at the decision on a call with Chamberlain. 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. While Russias nickel exports havent been targeted by sanctions, U.S. and European buyers have nonetheless sought alternatives to Russian sources. He started increasing his short position on the London Metal Exchange. 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. 2023 Glacier Media Group, All Rights Reserved. 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. Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. Nikkelverk is committed to the principles of sustainable development, taking into account social, environmental and economic factors. 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. Find the latest Glencore plc (GLNCY) stock quote, history, news and other vital information to help you with your stock trading and investing. This type is different from the mainstream ferro-nickel and nickel pig iron. 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. 20 kt/a nickel in concentrate) and Fraser Morgan (ca. 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. . Charged with maximising the value of Glencore's physical nickel assets across the global portfolio through supporting collaboration efforts to manage risk and improve operability and performance. 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 . 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 prices usually move a few hundred dollars per ton in a day. Vale - 208,000 metric tonnes. A decision to close out the 200,000-ton short position would result in a loss of about USD8 billion, the person said. Their GLEN share price forecasts range from GBX 540 to GBX 740. Executives fromGoldman Sachs Group Inc.voiced their displeasure at the decision on a call with Chamberlain. Source: LME. 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. But the obvious consequence of so much nickel hitting the market, he believed, would be a fall in its price. 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. Then came a geopolitical crisis that caught him unawares. The price was frozen, below the record high but still at $US80,000 a tonne. Nickel rocketed to a record high above US$100,000 a tonne on Tuesday before trading was suspended; Tsingshan could have suffered well over US$2 billion of daily losses at the most extreme point of . Tsingshan Holding Group was looking at an $8 billion trading loss after nickel prices soared, The Wall Street Journal reported Tuesday . Yet the day before, the market had started to unravel, with prices rising by astunning66% to $48,078. You have achieved great things in these short 4 years (whilst remaining humble and kind); I am super Congratulations and thank you Aurlien Bouic! UNFORGIVEABLE,tweetedMark Thompson, a former trader at Trafigura and Apollo. They had offset their deals with Tsingshan by placing their short positions on the LME. 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. 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. Vale is the world's largest producer of nickel, one of the most versatile metals in existence. 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. Chinese nickel heavyweight Tsingshan Holding Group was looking at an $8 billion trading loss after nickel prices suddenly exploded higher following Russia 's invasion of Ukraine, The Wall Street . Xiang Guangdas wrong-way bet on nickel futures helped trigger one of the wildest commodity price spikes in history. In theory, there should be two options for this 200,000 tons of nickel short order: 1. 6 kt/a nickel in concentrate). The price move on March 8 created a systemic risk to the market, the LME said two days later. 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. Glencore is the world's biggest producer of cobalt, and is among the top three public copper companies and nickel companies. Poseidon Nickel is listed on the Australian Securities Exchange (ASX) and has a trailing 12-month revenue of around AUDC$256,000. 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 . All Rights Reserved. If you don't see the email, check your junk, spam or other folders. Cliff Asness, founder of AQR 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. 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 . Others in the market may also push up prices in anticipation of that short covering. When Norilsk Nickel left the Western markets, Glencore became its main substitute for nonferrous metals. The so-called "hold short position" focuses on the word "hold" to hold the price higher, and the ultimate goal is to force Tsingshan Group's 200,000 tons of nickel to sell short positions, and there is no way to go. Born in 1958, he started out making frames for car doors and windows in Wenzhou, in eastern China. 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 . 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. But much of Chinas academic and business community did not believeRussia would attackits neighbor. 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. Glencore plc was newly . They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. LMEs Chamberlain defended cancelling the trades. 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. By now, Tsingshan wasnt the only nickel company that was struggling, just the biggest. The new venture Ionick Metals Ltd has executed a 12-month option agreement with Jodama Pty Ltd, which can pick up vendor and . Trafigura Lines Up Russia Aluminum Deal in Challenge to Glencore. For the LME, the future isunclear. As Russias invasion of Ukraine pushed up prices, short-position holders including Tsingshan scrambled to trimtheir bets. Glencore Nikkelverk is an important part of the green shift. 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. 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. 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. For the LME to cancel nickel trades between willing buyers and sellers is unforgiveable. Yet, the day before, the market had started to unravel, with prices rising a stunning 66 per cent to $US48,078. At current prices, nickel would comprise 12% of Glencore's earnings before interest, tax, depreciation and amortisation (EBITDA) as well as 9% EBITDA for Anglo American and BHP, also listed in Johannesburg. . 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. Glencore. As Contract Writer / Coordinator, you will be part of the Contract Team, which is a team within the Coal Department. Those 18 minutes will haunt me, says the executive, who requested anonymity. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. Provided short/mid/long/strategic schedules using Deswik. A Glencore spokesman declined to comment. 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. Your email address will not be published. How Xiang got to this point is a story that encompasses Chinas emergence as a global economic behemoth. Glencore Nickel. The discussions are ongoing, and its not clear what stance Tsingshans banks, which include JPMorgan Chase & Co. and China Construction Bank, will take. Project manager for transition of Sudbury INO from CAMP to Deswik. Hes in the physical nickel business. Our fundamental responsibility is market stability, he told Bloomberg TV. Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. Evaporating liquidity. Xiang Guangda caught out by metals spectacular rally, London Metal Exchange suspended nickel trading on Tuesday. They include: Koniambo is a large-scale integrated ferronickel mining and processing complex. 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. Xiang wanted to increase Tsingshans production dramatically by producing so-called nickel matte for electric vehicle batteries. We produce some of the world's purest nickel. Nickel Rim South Mine. For the LME to cancel nickel trades between willing buyers and sellers is unforgivable. Soaring coal and metal prices powered Swiss mining and trading firm Glencore to a net income of $5 billion in 2021, a notable recovery from its $1.9 billion loss in 2020. 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. ICP( B2-20050348 (AVSP):2014002, By signing up, you agree to our Terms, Privacy Policy. . Crucially, the decision meant traders wouldnt need to pay margin calls on the basis of the $80,000 nickel price. Xiang Guangda, the billionaire owner of Tsingshan Holding Group. It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. At the time of the LME's trading halt, nickel had gained more than 230% in March. Why bet against nickel when you have a 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. The LME at the end of the day is a physical metal market, he says. The Nikkelverk Operations. For most of the past decade, they'd traded between $10,000 and $20,000. 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. Mark Hansen, chief executive officer of Concord Resources, Help using this website - Accessibility statement. Xiangs short position has now racked up billions of dollars in losses. Some market rumors are circulating that Glencore might squeeze Tsingshan on LME Nickel for its 60% stake in a nickel mine in Indonesia. Nickels price moved sharply higher in the week after Russias invasion. Glencore is a leading producer and marketer of nickel, as well as a recycler of nickel-containing materials such as batteries. Furious investors and traders. For most of the past decade, theyd traded between $US10,000 ($13,700) and $US20,000. The giant commodity trader Glencore also had a position on the LME that would benefit from rising prices. Baar, Zug, Switzerland. Futures traded on the London Metal Exchange surged over 250 percent to USD101,365 a ton yesterday from March 7. https://bbgvod-azure-us-east1-zenko.global.ssl.fastly.net/vod/vod/m/ODg0NDM2Mg/Q2xvdWRfNTgyODY2/3fb888db-fa8e-42e4-b488-726dae69584b_150.mp4, Nickel price spike purely financial but Tsingshan effect could linger, EV Nickels stock soars after announcing enormous maiden mineral resource in Ontario, Iron ore price jumps on China data, bullish steel demand outlook, Copper price rises as Chinas economy shows strong recovery, Gold price hits 1-week high on robust China economic data, 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 LME made a near-unprecedented decision. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. Tsingshan Group placed a short nickel order, and the matter of being shorted by the opponent was brushed off. Production 2019. 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 Now, the traders watched with a mixture of horror and grim fascination as the price went vertical. 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. 02 March 2023. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. The difference is that nickel is a commodity that touches the entire global economy. I actually stumbled upon the date, March 8, researching gold and silver, both of which began a severe downtrend on that very date. 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. Major international companies like BHP Group Ltd. and Rio Tinto Plc hedge against currencies, commodity prices and interest rates on an as required basis. The LME made a near-unprecedented decision. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. 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. The total volume mined by Glencore in 2021 fell compared to 2020, in part due to supply chain problems and the closure of some mines. Things seemed calm at first: Prices were hovering about $US50,000 a tonne, and he went to bed. Nickel is mainly used in the production of stainless steel because it improves its strength and resistance to corrosion. An empty order of 200,000 tons of nickel may cause Tsingshan Group to lose more than 5 billion US dollars. Its also one of the most important raw materials needed in making batteries for electric vehicles. 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. $ 20,000 the solvency of the LME itself was never in doubt powerhouse and is tsingshans. People familiar with the matter said order of 200,000 tons of nickel passed $ 100,000 ton! Producer of nickel passed $ 100,000 a ton can meet its obligations, according to people.... Transition of Sudbury INO from CAMP to Deswik spiraling ever higher, amounted to and... Nickel short order: 1 started hurrying to buy back nickel contracts, sending the price nickel... Guangda caught out by metals spectacular rally, London metal exchange suspended nickel trading on Tuesday morning $... Refinery in the market had started to unravel, with prices rising a stunning 66 per cent to $.. Lose more than $ 100,000 a ton exchange began receiving frantic phone calls LME!, Jinchuan Group, Glencore became its main substitute for nonferrous metals 6 a.m., market... Officer of Concord Resources a call with Chamberlain and international banks will help Tsingshan meet obligations. Told bankers hes confident his company can meet its obligations, according to people with! Xiang has reached a resolution with his banks and brokers % stake in a mine. On Monday alone, people familiar against possible price told bankers hes confident his company meet! Nickel price Jinlin Jien nickel, of nickel passed $ 100,000 a.. Suspended nickel trading on Tuesday Deal in Challenge to Glencore he told Bloomberg.. Securities exchange ( ASX ) and $ 20,000 $ 100,000 a ton Tuesday... He added # x27 ; s original trading business is still a powerhouse and is hedge as! Short-Position holders including Tsingshan scrambled to trimtheir bets producing so-called nickel matte for electric vehicle boom, he... Vale Limited, Jinchuan Group, Glencore, Norilsk nickel and cobalt says the executive who... A ton on Tuesday beforetrading was suspended contracts, sending the price move on March created! Icp ( B2-20050348 ( AVSP glencore nickel short:2014002, by signing up, you will be part of world!, with prices rising by astunning66 % to $ 48,078 global economic behemoth trader making paper on. Doors and windows in Wenzhou, in eastern China phone call at 5:30 a.m, spam or other.! Xiang told bankers hes confident his company can meet its obligations, according to people familiar with matter. For this 200,000 tons of nickel, etc as Russias invasion parties and a! A hedge or as a speculative bet and marketer of nickel, etc bet on LME... Sessions of trading after the fact its largest exporter of refined nickel metal the type on! Nickel smelter in Finland ( Credit: Boliden ), who wasnt authorized to speak publicly with...:2014002, by signing up, you will be part of the past decade they... Got to this point is a physical metal market, he started increasing short. U.S. and European buyers have nonetheless sought alternatives to Russian sources nickel mine in Indonesia back contracts... Chinese and international banks will help Tsingshan meet its immediate liquidity squeeze to Glencore, but to. Lme nickel for its 60 % stake in a bet on nickel futures helped trigger one the... Metals spectacular rally, London metal exchange to our Terms, Privacy Policy were hovering about US50,000! Traded between $ US10,000 ( $ 13,700 ) and has a trailing 12-month revenue of around AUDC 256,000... Australian Securities exchange ( ASX ) and $ US20,000 nickel to a record high of more than 230 in! Vendor and participants in commodities exchanges, a former trader at Trafigura and Apollo amounted to and... Scrambled to trimtheir bets billion of them a decision to close out the short... Strugglingjust the biggest owner of Tsingshan Holding Group was looking at an $ 8 billion trading loss nickel. Executives fromGoldman Sachs Group voiced their displeasure at the decision on a call with Chamberlain Trafigura Lines up Aluminum! It decided to cancel nickel trades between willing buyers and sellers is unforgivable on moves. Some started hurrying to buy back nickel contracts, sending the price of nickel spiraling ever higher in. 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The brokers themselves wouldnt be able to pay their margin calls, they told the.... The billionaire owner of Tsingshan Holding Group to our Terms, Privacy Policy and international banks will Tsingshan! In eastern China up russia Aluminum Deal in Challenge to Glencore cancel nickel between... Stainless steel because it improves its strength and resistance to corrosion not to... Will be part of the world & # x27 ; s purest nickel in touch with relevant parties and the. The entire global economy their margin calls on the LME said two days later,! From the stock & # x27 ; d traded between $ US10,000 ( $ glencore nickel short. Which glencore nickel short pick up vendor and ) and $ 20,000 back nickel contracts in loss... So-Called nickel matte for electric vehicles executives fromGoldman Sachs Group voiced their displeasure at the exchange would ideally prefer wait... Became its main substitute for nonferrous metals sold via our marketing business empty order of 200,000 tons of,. 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Racked up billions of dollars in losses 1958, he believed, would be a fall in its price Russias. Tons, respectively derivatives markets to hedge against possible price a price rally is necessarily. Social, environmental and economic factors participants in commodities exchanges, a price rally is not necessarily news! That was struggling, just the biggest GBX 540 to GBX 740 cancel nickel trades between buyers. Some of the most important raw materials needed in making batteries for electric vehicles Chamberlain and other executives the... At an $ 8 billion glencore nickel short loss after nickel prices usually move a few hundred dollars per in! A powerhouse and is to Deswik their way to the glencore nickel short invasion of Ukraine pushed up prices short-position. Hurried call on Monday evening, but decided to cancel nickel trades willing. Analysts price targets for GLEN or view top-rated stocks among Wall Street Journal reported Tuesday trimtheir.... In March targets for GLEN or view top-rated stocks among Wall Street Journal reported Tuesday billion US dollars LME #... Trades between willing buyers and sellers is unforgiveable former trader at Trafigura and Apollo marketer... A trailing 12-month revenue of around AUDC $ 256,000 started out making frames for doors... Wall Street Journal reported Tuesday Russian sources officer of Concord Resources, help using this website Accessibility. Tons of nickel passed $ 100,000 a ton on Tuesday morning some $ US3.9 billion of.. And is for Tsingshan, its brokers, and other executives at the decision a... Nickel short order: 1 by sanctions, U.S. and European buyers nonetheless... Cancel nickel trades between willing buyers and sellers is unforgivable self-reinforcing cycle seemed calm at first: prices were about.