It is up nearly 400% so far this year. The Morowali park mainly produces nickel pig iron for stainless steel. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Those 18 minutes will haunt me, says the executive, who wasnt authorized to speak publicly. Prices for the metal, used in stainless steel and electric vehicle batteries, were last in that range in December. Xiang Guangda has been in discussions with banks led by JPMorgan Chase & Co. about a loan facility to backstop his short position, which has roiled the nickel market after he struggled to pay massive margin calls to banks and brokers last week. Tsingshan made its name producing not the highly purified plates and briquettes which are traded on the LME as Class 1 nickel, but nickel pig iron or NPI lumps of low-grade metal that can. 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. Its been under growing pressure to meet the payments in recent days, the people said. Those payments have now been made, a person familiar with the matter said on Tuesday. The LME made a near-unprecedented decision. Effectively, it rewound the market to the moment when prices closed on Monday at US$48,078. Some have also warned that much of the chaos in the nickel market may not be over yet. The XM Research Desk, manned by market expert professionals, provides live daily updates on all the major events of the global markets in the form of market reviews, forex news, technical analysis, investment topics, daily outlook and daily vidoes. The company, sitting on $8 billion in trading losses, said Wednesday it had secured enough metal to settle all its loss-making positions, according to a state-run media outlet. By now, the entire nickel industry was in crisis. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Reuters could not determine how large Tsingshan's short position currently is after it cut its exposure. The Initial Margin was $20,000 per contract. Only you can decide whether nickel is a good buy or not. The banks declined comment or did not respond to a request for comment. Brokers, in turn, must hold margin at the clearing house, LME Clear. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. For a while, it wasunclear which view of the market would prevail. The giant commodity trader Glencore Plc also had a position on the LME that would benefit from rising prices. Perhaps whats most surprising is that this nickel squeeze happened within a market that had, for the last few years, been comparatively sedate, with rangebound trading rarely breaking above the $20,000/metric tonne (mt) mark on the upside before 2022. Short-covering trades made last week by the Chinese billionaire contributed to a swift, huge surge. All quotes delayed a minimum of 15 minutes. Why? Nickel trading resumed on 16 March 2022. Still, this weeks short squeeze is nonetheless likely to push costs higher for battery companies and stainless steel makers, eventually feeding through into the price of everyday goods. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. Tsingshan has said it has secured facilities with its consortium banks and will exit its position in an orderly manner. 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 according to Bloomberg, the LME refrained from putting it into default, which allowed the broker to settle the margin calls the following day after several clients, including Tsingshan, received loans to cover their positions. Tsingshan's difficulties in paying its margin calls, and the company's ongoing bailout negotiations, have put its banks and brokers in a bind, as they have had to make hefty margin calls of their own at the LME to cover their short positions on the exchange. Tsingshan Holding Group held the biggest short position for nickel on the LME. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Tsingshan agreed standstill with JPMorgan-led group of banks, Talks continue on loan facility to backstop short position. And thank you everyone for your attendance on today's call for the Nickel Industries Full Year 2022 Results. As with similar short squeezes of the past, such as those involving GameStop and Volkswagen, a short squeeze occurs when a market participant borrows a certain volume of a security and sells it, hoping that its price will fall. . One of the world's biggest nickel and stainless steel producers, Tsingshan started building a short position -- a wager that prices will fall -- in the nickel market last year. In an earlier interview with Chinese news outlet Yicai, Xiang blamed "foreigners making some moves" for nickel's price spike. People familiar with the discussions said the exchange would ideally prefer to wait until Xiang has reached a resolution with his banks and brokers. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. NIC's operations and cash flow remained stable in 2022 despite Tsingshan's significant loss on its nickel short position in March 2022. Known as "Big Shot" in China for his imposing presence in the metal industry, Xiang Guangda, the founder of the world's biggest nickel and stainless-steel firm, Tsingshan, had amassed a short position of more than 150,000 tonnes of nickel, which was about five times the volume of the metal held by the LME and equivalent to approximately It had sold nickel forward on the markets, betting on the price going down, not up. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Nikel Terbang, Pemilik Smelter RI Asal China Rugi Rp 115 T. Meski demikian tidak diperinci dan diketahui dengan jelas hal apa yang akan dilakukan pada aset utama yang dimiliki perusahaan China di Indonesia tersebut. (HNI) to produce higher-grade nickel matte. Zhejiang Huayou Cobalt plans to discuss an application to register the company's nickel for delivery on the exchange. 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. Given our role in supervising the LME, we have been, and will continue to be, taking a very close interest in how it is managing and responding to the issues, the FCA confirmed in late March. Nickel is a non-ferrous metal, and the fifth most common element found on Earth. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. FY18 RESULTS, FY19 GUIDANCE AND CORPORATE PRESENTATION 22 AUGUST 2018 AGENDA Results Guidance Corporate Operations Growth Exploration Nickel Market DISCLAIMER AND FORWARD Now they had to pay big margin calls on the exchange while receiving no margin from their client. . After trading was suspended Tuesday following an unprecedented surge in prices, the London Metal Exchange said it does not expect nickel trading to resume before March 11. Chinese metal giant Tsingshan Holding Group Ltd., caught in a massive short squeeze amid an unprecedented rally in the price of nickel, reached a deal with banks to avoid further margin calls.. Tsingshan, one of the world's biggest nickel and stainless steel producers, worked out a standstill arrangement with a consortium of hedge bank creditors that will allow the company to continue . 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We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. Mampukan Tsingshan bertahan? a practice known in financial markets as margin calls. A sharp surge in nickel prices triggered margin call fears at the London Metal Exchange which suspended trading after prices doubled in hours. Nickels price moved sharply higher in the week after Russias invasion. He was awakened by a phone call at 5:30 a.m. 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. Neither party seems very keen on this idea, however. The 145-year-old home of global metals trading has been heavily criticized by investors for its response to the crisis. The LME suspended nickel trading in the early trading session on March 8 after prices more than doubled, breaching $100,000/mt mark and briefly reaching a record high of $101,365/mt. Investor enthusiasm for nickel is high amid expectations of strong demand growth for the metal in electric vehicles. 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. 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. Then on March 7, nickels price began its parabolic ascent, surging from US$30,000 a ton to more than US$50,000. https://www.wsj.com/articles/chinese-nickel-giant-tsingshan-faces-8-billion-trading-loss-as-ukraine-war-upends-market-11646765353. President Tayyip Erdogan indicated on Wednesday that elections will be held on May 14, sticking to his previous plan for the vote with a date just over three months after a devastating earthquake killed more than 45,000 people in Turkey. 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. As the market was picking up on the short squeeze of Tsingshan, the LME had decided to intervene. Indeed, reports suggest that a number of investors are now preparing lawsuits, while the LMEs regulator, the Financial Conduct Authority (FCA), is expected to investigate the incident. The London nickel market has been closed since last Tuesday morning, when the exchange intervened after prices spiked as much as 250% in two days, and the standstill announced by Xiangs Tsingshan Group Holding Co. could provide the certainty needed to restart trading. Keep in mind that past performance is no guarantee of future returns. The LMEs special committee held another call at about 6 a.m. Now they recognized that they had tosuspend trading. It also doesn't create waste and may help fight the climate crisis. It should be mentioned that nickel had already rallied to $25,000 in January before easing off by the end of the month. Nickel prices had been rising for weeks amid fears of disruptions to supplies from Russia. Li Huan/Red Star News/VCG via Getty Images. Another key factor in the recent price volatility was the massive nickel short squeeze built up by Chinas Tsingshan Holding Group, the worlds largest stainless steel producer. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. 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. Jack Farchy, Alfred Cang and Mark Burton, Bloomberg News. Short-covering trades made last week by the Chinese billionaire contributed to a swift, huge surge. The LME has been asleep at the wheel, according to Andrew Mitchell, director of nickel research at consulting firm Wood Mackenzie, who spoke to the Wall Street Journal. Q. 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. For non-personal use or to order multiple copies, please contact Terms & Conditions Finance Publishing The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Bloombergs Joe Deaux reports. Following Tsingshan's statement announced March 15, the LME said that all nickel contracts will resume trading at 0800 London time on March 16. Prices doubled to a record above $100,000 per tonne in a matter of hours on Tuesday, prompting the London Metal Exchange (LME) to halt trading. Tsingshan has secured credit promises from banks including JPMorgan Chase & Co. and China Construction Bank that could allow it to avoid defaulting on its margin calls, Bloomberg reported. Nevertheless, the short squeeze did trigger a whopping $8 billion margin call on Guangda. The short squeeze gathered momentum as Chinas Tsingshan Holding Group Co. attempted to cover its massive short position, which is reportedly equivalent to between 100,000mt and 200,000mt of metal, S&P Global Commodity Insights metals and mining research senior analyst, Jason Sappor, wrote in the S&Ps March Nickel Commodity Briefing Service report released on March 31. Exchanges. Challenges Remain, But There Are Opportunities to Be Interview with Mr. Olukayode Pitan, Chief Executive Officer Unemployment in South Africa: Urgent Attention Required, The US-Africa Leaders Summit: Fostering a Closer Relationship with the Continent, Agenda BC#: Innovation and Inclusion in the Brazilian Financial System, Why Fertiliser Prices Have Been So Volatile This Year. The price was frozen, below the record high but still at US$80,000 a ton. By now, Tsingshan wasnt the only nickel company that was strugglingjust the biggest. Chinese entrepreneur Xiang Guangda has been caught out by nickel's price surge. Executives from Goldman Sachs Group Inc. voiced their displeasure at the decision on a call with Chamberlain. Why bet against nickel when you have a nickel business? See here for a complete list of exchanges and delays. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. China's Tsingshan Holding Group has reached agreements with two companies to swap its . Anyone using the LME needs to understand that. In late February and early March, Tsingshan, which had sales of 352 billion yuan ($56 billion) last year, paid its margin calls on time. 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. On Monday, one of Tsingshans brokers a unit of a state-owned Chinese bank failed to pay hundreds of millions of dollars in margin calls on its nickel positions. A short position is created when a trader sells a security he does not own, with the intention of repurchasing it later at a lower price. UNFORGIVEABLE,tweetedMark Thompson, a former trader at Trafigura and Apollo. Capital Com is an execution-only service provider. Moscow's invasion of Ukraine and the west's moves to sanction Russia, a key major supplier, have electrified an already bullish nickel market. But recent events have certainly injected a dose of volatility into the market. Investors who had booked trades during the chaotic session in the early hours of Tuesdaywere furious. CCBI Global Markets is another creditor, two separate sources said. As such, if Tsingshan can weather the losses on its LME positions, the higher prices could yet benefit its core business of producing nickel and stainless steel. 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 to hedge against a a drop in prices, they use. The Chinese government may also play a role. 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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