Copper. Everything changed when Russia invaded Ukraine on February 24. Xiang Guangda, the billionaire owner of Tsingshan Holding Group. 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. Related Article: Nickel price spike purely financial but Tsingshan effect could linger. Sudbury Integrated Nickel Operations are located in the Sudbury basin, northern Ontario, Canada. Mar 16, 2022 - 8.00am. People forgot that this isnt a video game retailer; its an important physical commodity.. 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. Tsingshan is an excellent Chinese enterprise.. Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. People familiar with the discussions said the exchange would ideally prefer to wait until Xiang has reached a resolution with his banks and brokers. 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. Its still unclear how much of a risk the nickel rally and a cash drain from topping up margin payments pose to the company. The company has assured creditor banks in China that its . Tsingshans nickel doesnt match the grade used in settlement on the LME, so the contracts arent a perfect hedge. Harjavalta nickel smelter in Finland (Credit: Boliden). 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. The price was frozen, below the record high but still at $80,000 a ton. Learn how we produce copper and the uses it is put to. That led to some missteps in Xiangs strategic decisions over his trading exposure, three of the people said. Others took to social media. He started increasing his short position on the London Metal Exchange. The LME made a near-unprecedented decision. A Glencore spokesman declined to comment. Elon Musk wanted to buy 10-20% of Glencore, but refused to. 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. 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 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. (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.). That put Tsingshans banks and brokers, which includeJPMorgan Chase,BNP Paribas, andStandard Chartered,in a bind. Vale - 208,000 metric tonnes. 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. 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 . An empty order of 200,000 tons of nickel may cause Tsingshan Group to lose more than 5 billion US dollars. Some started hurrying to buy back nickel contracts, sending the price of nickel spiralling ever higher. Why bet against nickel when you have a nickel business? 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. But the obvious consequence of so much nickel hitting the market, he believed, would be a fall in its price. 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. Now they had to pay big margin calls on the exchange while receiving no margin from their client. The giant commodity traderGlencore Plcalso had a position on the LME that would benefit from rising prices. 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 not just a casino. 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. (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. Born in 1958, he started out making frames for car doors and windows in Wenzhou, in eastern China. Toronto, Ontario-- (Newsfile Corp. - March 1, 2023) - Mink Ventures Corporation. Glencore Nickel. Our marketing business markets nickel and nickel concentrates, as well as by-products and ferronickel. Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. Matthew Chamberlain, the LMEs chief executive officer, had stayed up to watch. Coal Department. 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. Now they recognised that they had to suspend trading. Massive short positions held by Xiangs Tsingshan Holding Group Co., the worlds largest nickel producer, have gone disastrously awry over the past few days. Some aggrieved traders are already preparing to take legal action against the exchange. The fallout was immediate. The nickel market was anything but calm. 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. Late Tuesday . Stephen Engle reports. All Rights Reserved. Those moves sent nickel to a record high of more than $US100,000 ($136,000) a tonne on Tuesday before trading was suspended. 485,996 followers. Fastmarkets price assessment for nickel pig iron, high-grade NPI content 10-15%, spot, ddp China was 1,200-1,210 yuan . Required fields are marked *. Our nickel operations are in Canada, Australia, Norway, and New Caledonia. At the time of the LME's trading halt, nickel had gained more than 230% in March. 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. Nickel prices usually move a few hundred dollars per ton in a day. 2023 Glacier Media Group, All Rights Reserved. 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. Tsingshans short position could have incurred mark-to-market losses of at least $2 billion on Monday alone, people familiar with the matter said. Xiang wanted to increase Tsingshans production dramatically by producing so-callednickel mattefor electric vehicle batteries. The spike was driven in large part by a short squeeze centred on Chinese tycoon Xiang Guangda, who had amassed a big wager that nickel prices would fall through his company Tsingshan Holding Group. How Xiang got to this point is a story that encompasses Chinas emergence as a global economic behemoth. 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. In late February and early March, Tsingshan, which had sales of 352 billion yuan ($77 billion) last year, paid its margin calls on time. Sep 2021 - Present1 year 5 months. It also highlights the risks of an opaque market where a handful of players play outsized roles, deciding how and where purchasers like global battery makers secure raw materials. The latest price was A$0.04 (25-minute delay). Miners, traders, and manufacturers often use the market to make short betsthat is, to make money when prices fall. Follow the topics, people and companies that matter to you. (Podcast). But its obligations dwarfed its available cash and bank credit. Since 1910, nickel and other metals have been refined, produced and exported from the production plant in Kristiansand. Tsingshan accounted for about half that amount. 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. Nickels 250 per cent 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 the London Metal Exchange (LME) to suspend trading for the first time in three decades. The company paid at least some of its margin calls early on Monday, according to a person familiar with the matter. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Company says it puts it into the league of the largest undeveloped nickel deposits in the world. Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. Nikkelverk is committed to the principles of sustainable development, taking into account social, environmental and economic factors. This suggests a possible upside of 27.1% from the stock's current price. Xiang was aware of flaws in his strategy, people familiar with the matter said. They had offset their deals with Tsingshan by placing their own short positions on the LME. Effectively, it rewound the market to the moment when prices closed on Monday at $48,078. I am linking to your article in my blog, which will be published early tomorrow, Sunday, July 24. 1. (By Jack Farchy, Alfred Cang and Mark Burton, with assistance from Sridhar Natarajan), Your email address will not be published. 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 seeds of the epic short squeeze were sown last year, when nickel, like all commodities, was rallying from its COVID-19-era low. Canada Nickel Company Inc. $1.24. Our marketing business markets nickel and nickel concentrates, as well as by-products and ferronickel. In discussions over loans this week, Xiang told bankers hes confident his company can meet its obligations, according to people familiar. Production 2019. By now, Tsingshan wasnt the only nickel company that was struggling, just the biggest. Overseas market players have made some moves, Xiang said, driving up nickel prices in the last two days. . Those past scandals forced reforms on the exchange. Then came a geopolitical crisis that caught him unawares. 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 . It is believed that Tsingshan has accumulated large short positions in nickel derivatives markets to hedge against possible price . 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. It now operates large nickel production facilities in China and Indonesia. That put Tsingshans banks and brokers, which include JPMorgan Chase, BNP Paribas, and Standard Chartered, in a bind. Your email address will not be published. Certain sections of this system have been patented. 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Vale is the world's largest producer of nickel, one of the most versatile metals in existence. Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. 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. From a contractual perspective, you may be . 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. 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 . 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. Those moves sent nickel to a record high of more than $100,000 a ton on Tuesday beforetrading was suspended. 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. But today things have reversed, that is, Tsingshan Group has prepared 200,000 . 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 participants in commodities exchanges, a price rally is not necessarily good news. The wild rise of nickel drew comparisons to the short squeezes in meme stocks such as GameStop that gripped retail investors for much of last year. The Murrin Murrin Mine is a major nickel-cobalt mining operation being conducted in the North Eastern Goldfields, approximately 45 km east of Leonora, Western Australia.The project was initiated as a joint venture between Murrin Murrin Holdings Pty Ltd, a wholly owned subsidiary of Anaconda Nickel Limited (whose share was 60%) and Glenmurrin Pty Ltd, a wholly owned subsidiary of Glencore . Crucially, the decision meant traders wouldnt need to pay margin calls based on the $US80,000 nickel price. When prices rose above $US20,000 he would consider shorting nickel, the people said, because his production costs in Indonesia were as low as $US10,000 a tonne. Some started hurrying to buy back nickel contracts, sending the price of nickel spiraling ever higher. Its also one of the most important raw materials needed inmaking batteriesfor electric vehicles. The penalty is part of the $1.5 billion Glencore agreed to pay to resolve bribery and market-manipulation probes in the US, UK and Brazil. Undeterred, the Chinese tycoon has told banks he wants tomaintain his position, and has asked them to keep funding him despite the losses. Provided short/mid/long/strategic schedules using Deswik. We have interests in a range of mining assets on four continents. Just after 6 a.m., the price of nickel passed $100,000 a ton. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. For the LME, the future isunclear. 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. A Glencore spokesman declined to comment. For a while, it wasunclear which view of the market would prevail. Tsingshans were even larger, numbering about $US3 billion, according to a calculation based on its total short position which, even after Xiang had closed out a portion of the bet in previous weeks, was over 150,000 tonnes. Crucially, the decision meant traders wouldnt need to pay margin calls on the basis of the $80,000 nickel price. 2017 - 2018 Yicai Global, Yicai Media Group. The fallout was immediate. Ore is processed at the Strathcona mill. We produce some of the world's purest nickel. The LME convened its special committee, a small group of metals and legal experts with the power to issue emergency rules for the market. Back Submit. Now they had to pay big margin calls on the exchange while receiving no margin from their client. (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.). . People forgot that this isnt a video game retailer; its an important physical commodity. Some think this could herald the end of the exchange itself. However, reports that Beijing is mulling a rescue deal for Tsingshan Holding Group , the company behind nickel's big short . MINK. 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. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. Yet the day before, the market had started to unravel, with prices rising by astunning66% to $48,078. Anyone using the LME needs to understand that. Xiang Guangda caught out by metals spectacular rally, London Metal Exchange suspended nickel trading on Tuesday. Nickel. Complete Glencore PLC ADR stock information by Barron's. View real-time GLNCY stock price and news, along with industry-best analysis. Everything changed when Russia invaded Ukraine. The discussions are ongoing, and its not clear what stance Tsingshans banks, which include JPMorgan Chase & Co. and China Construction Bank, will take. As of the evening of March 13, the LME had yet to announce a date for nickel trading to resume. . Strong passwords include numbers,letters,and special characters. Enter the code below to reset your password. 4 354 . Shanghais most-traded nickel futures contract soared to CNY228,810 (USD36,235) a tonthe same day, and trading is suspended today. LME chief executive Matthew Chamberlain had stayed up to watch. 6W - 9M. Neither party seems very keen on this idea, however. Then on March 7, nickels price began its parabolic ascent, surging from $US30,000 a tonne to more than $US50,000. The difference is that nickel is a commodity that touches the entire global economy. 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. This was the most disorderly move in a metal Ive seen in my career, says Mark Hansen, CEO of trading house Concord Resources. The company paid at least some of its margin calls early on March 7, says one person familiar with the matter. 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. Were sorry, this feature is currently unavailable. 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. 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