6 kt/a nickel in concentrate). . Activity . Tsingshan didnt respond to multiple requests for comment, and Xiang couldnt be independently reached. 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. Located in Kristiansand, Nikkelverk is the largest nickel refinery in the western world producing high-quality nickel and cobalt. 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 . 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. Were working to restore it. ICP( B2-20050348 (AVSP):2014002, By signing up, you agree to our Terms, Privacy Policy. Save my name, email, and website in this browser for the next time I comment. But much of Chinas academic and business community did not believeRussia would attackits neighbor. While few observers believed Xiang could reach that level of production, he was confident. 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. Nickelcopper ores have been mined there since 1928. 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. 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. They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. Nickel makes steel corrosion-resistant and plays an essential role in our modern world. 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. A Glencore spokesman declined to comment. Glencore-backed Leeuwin ready to set sail. Those past scandals forced reforms on the exchange. 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. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. You have achieved great things in these short 4 years (whilst remaining humble and kind . Glencore is a leading producer and marketer of nickel, as well as a recycler of nickel-containing materials such as batteries. Xiangs short position has now racked upbillions of dollars in losses. Vale and Glencore announced today that they've entered a partnership to begin a feasibility study to explore Nickel Rim South. Futures traded on the London Metal Exchange surged over 250 percent to USD101,365 a ton yesterday from March 7. Iquique Chile Falconbridge . As Russias invasion of Ukraine pushed up prices, short-position holders including Tsingshan scrambled to trim their bets. The difference is that nickel is a commodity that touches the entire global economy. Anyone using the LME needs to understand that. 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. 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. Glencore's original trading business is still a powerhouse and is . Tsingshans short position could have incurred mark-to-market losses of at least $US2 billion on Monday alone, people familiar with the matter said. As of the evening of March 13, the LME had yet to announce a date for nickel trading to resume. Xiang Guangda, the billionaire owner of Tsingshan Holding Group. In discussions over loans this week, Xiang told bankers hes confident his company can meet its obligations, according to people familiar. The LME at the end of the day is a physical metal market, he says. 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. However, Xiang believed the risks to be manageable, the people said, even as anunidentified nickel stockpilercontrolled at least half of the inventories on the exchange. The company had a further 120,000 tons or more in short positions off the exchange, in bilateral deals with such banks as JPMorgan Chase & Co. and Standard Chartered Plc. Tsingshan is an excellent Chinese enterprise.. Overseas market players have made some moves, Xiang said, driving up nickel prices in the last two days. Glencore Headquarters. 115 000 MT. 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. Last modified on Wed 15 Feb 2023 06.23 EST. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to . Bloomberg Daybreak Middle East. 4 354 . As the trend towards e-mobility grows, this versatile metal is increasingly needed to produce high-performance batteries. Why bet against nickel when you have a nickel business? 1. Furious investors and traders. Glencore's Koniambo mine is located in New Caledonia, mining nickel in this French territory in the South Pacific. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. Xiang was aware of flaws in his strategy, people familiar with the matter said. Nickel prices usually move a few hundred dollars per tonne in a day. 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. For most of the past decade, theyd traded between $10,000 and $20,000. That put Tsingshans banks and brokers, which include JPMorgan Chase, BNP Paribas, and Standard Chartered, in a bind. 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. 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. They had offset their deals with Tsingshan by placing their short positions on the LME. On average, they predict the company's share price to reach GBX 620.91 in the next year. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. MT. Mark Hansen, chief executive officer of Concord Resources, Help using this website - Accessibility statement. Pemex Reports $9.4 Billion Loss as AMLO Fails to Revive Output . We produce other metals as a by-product of nickel production, including cobalt, copper, precious metals and platinum-group metals. (By Jack Farchy, Alfred Cang and Mark Burton, with assistance from Sridhar Natarajan), Your email address will not be published. Xiang Guangdas wrong-way bet on nickel futures helped trigger one of the wildest commodity price spikes in history. But the obvious consequence of so much nickel hitting the market, he believed, would be a fall in its price. 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. 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. 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. 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 . Summary. Nickel boosts the energy within batteries and, at the same time, allows battery makers to reduce the use of more expensive cobalt. Tsingshan Group placed a short nickel order, and the matter of being shorted by the opponent was brushed off. The Chinese government may also play a role. But while the short squeeze has weighed on Tsingshans short-term cash flows, strong nickel prices are to its advantage in the long run. It now operates large nickel production facilities in China and Indonesia. Now, the traders watched with a mixture of horror and grim fascination as the price went skyward. INF News.com. Now the Chinese tycoon known as Big Shot must decide whether to unwind a wager that risks fueling more dramatic swings in one of the worlds most prized metals. Sep 2021 - Present1 year 5 months. 5 000 MT. In the short term, a package of loans from Chinese and international banks will help Tsingshan meet its immediate liquidity squeeze. On Monday, a week after trading had been suspended, Xiang was close to securing a loan facility from JPMorgan Chase and other banks that would allow him to maintain his short position and could lead to the market reopening. While Russias nickel exports havent been targeted by sanctions, U.S. and European buyers have nonetheless sought alternatives to Russian sources. Your password has been changed successfully. As the price rose through the London day after offices in Asia had closed, Tsingshan started struggling to pay, the people say. People familiar with the discussions said the exchange would ideally prefer to wait until Xiang has reached a resolution with his banks and brokers. Those moves sent nickel to a record high of more than $US100,000 ($136,000) a tonne on Tuesday before trading was suspended. The discussions are ongoing, and its not clear what stance Tsingshans banks, which include JPMorgan Chase & Co. and China Construction Bank Corp., will take. Yet the day before, the market had started to unravel, with prices rising by astunning66% to $48,078. Learn how we produce copper and the uses it is put to. . Nickel prices surged to an all-time high on Tuesday, up roughly 250% in just two days, and forcing the London Metal Exchange to close trading. Stainless steel with nickel content is omnipresent, for example in buildings, bridges and kitchen appliances. 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. At 1 a.m. on Tuesday, the market opened. Now they recognised that they had to suspend trading. It was 5.42 am on March 8 in London when the nickel market broke. 2W - 6W. Login. Canada Nickel Company Inc. $1.24. Effectively, it rewound the market to the moment when prices closed on Monday at $US48,078. Nickel prices usually move a few hundred dollars per ton in a day. Chinese tycoon behind nickels big short has power to fuel more drama. Wayne has over 20 years of operational management experience of complex hydrometallurgical plants, specialising in transformation of operational and . The price was frozen, below the record high but still at $US80,000 a tonne. Strong passwords include numbers,letters,and special characters. Worse, the chaos was spreading to other markets: Zinc prices spiked 15 per cent in a few minutes to a record high, only to collapse again. 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. . Feb 2021 - Dec 202111 months. Senior Mine Engineer. 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. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Enter the code below to reset your password. 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. Find the latest Glencore plc (GLNCY) stock quote, history, news and other vital information to help you with your stock trading and investing. 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. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. Vale is the world's largest producer of nickel, one of the most versatile metals in existence. Shanghai's most-traded nickel futures contract . 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 production led by Tsingshan and its competitors in Indonesia would outpace demand. 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. 1w. Executives fromGoldman Sachs Group Inc.voiced their displeasure at the decision on a call with Chamberlain. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. As Russias invasion of Ukraine pushed up prices, short-position holders including Tsingshan scrambled to trimtheir bets. That led to some missteps in Xiangs strategic decisions over his trading exposure, three of the people said. Excellent coverage of an earth-shaking event. Vale - 208,000 metric tonnes. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. For the LME to cancel nickel trades between willing buyers and sellers is unforgiveable. Its unclear whether he will get his way. 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. The fallout was immediate. Nickel prices, however, has been moving in an uptrend for a long time. 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. 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. The metal is found in all our homes as a key ingredient of stainless steel. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. 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. Ore is processed at the Strathcona mill. Some aggrieved traders are already preparing to take legal action against the exchange. But its obligations dwarfed its available cash and bank credit. Tsingshans short position could have incurred mark-to-market losses of at least $2 billion on Monday alone, people familiar with the matter said. Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. Why bet against nickel when you have a nickel business? Company says it puts it into the league of the largest undeveloped nickel deposits in the world. 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. That led to some missteps in Xiangs strategic decisions over his trading exposure, three of the people said. 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. MINK. The Chinese government may also play a role. Anyone using the LME needs to understand that. Anglo, which produced 59.3 million tonnes of iron ore last year, aims to halve its Scope 3 indirect emissions by 2040. In theory, there should be two options for this 200,000 tons of nickel short order: 1. Xiang didnt believe the rally would last. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. Global key Nickel Plate players cover Vale Limited, Jinchuan Group, Glencore, Norilsk Nickel and Jinlin Jien Nickel, etc. Since 1910, nickel and other metals have been refined, produced and exported from the production plant in Kristiansand. 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. 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. Source: LME. We had a frenzy based on speculation that accelerated on Monday and Tuesday. For Xiangs big short position, that was painful. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. Born in 1958, he started out making frames for car doors and windows in Wenzhou, in eastern China. Production 2019. 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. Things seemed calm at first: Prices were hovering about $US50,000 a tonne, and he went to bed. Even at that level, clients of LME brokers had failed to pay some $500 million of margin calls in relation to their short positions on the exchange, according to a person familiar with the matter. Tsingshan is in touch with relevant parties and has the support of Chinese government departments and leaders, he added. Earlier this week, nickel prices in London spiked byas much as 250%in little more than 24 hours. 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 . 2017 - 2018 Yicai Global, Yicai Media Group. And once again, this short squeeze racked up billions in losses for those involved. LME chief executive Matthew Chamberlain had stayed up to watch. 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. Discovery of the deposits is credited to Murray Edmund Watts in 1931 or 1932. Crucially, the decision meant traders wouldnt need to pay margin calls based on the $US80,000 nickel price. Xstrata Nickel Montcalm Mine 2007 - 2010 3 years. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. By Lucy Battersby. He said UBS . He was awakened by a phone call at 5:30 a.m. Investors who had booked trades during the chaotic session in the early hours of Tuesday were furious. Like Comment Share. The company had plans to produce 850,000 tons of nickel in 2022, an increase of 40% in a year, according to a person briefed on them. But the effects of the short squeeze are likely to be felt in other ways. How Xiang got to this point is a story that encompasses Chinas emergence as a global economic behemoth. Nickel is a raw material that is characterized by exceptional resistance and special properties, thanks to which it has many applications. People forgot that this isnt a video game retailer; its an important physical commodity.. . You will be able to view the post at https://dtmagazine.com/money724-302022.php#wrap in the Precious Metals section. Born in 1958, he started out making frames for car doors and windows in Wenzhou, in eastern China. The post at https: //dtmagazine.com/money724-302022.php # wrap in the world 2007 - 2010 years... Market had started to unravel, with prices rising by astunning66 % to $ 48,078 people.... Letters, and Standard Chartered, in a day discussions said the exchange began receiving phone. 1958, he started out making frames for car doors and windows in Wenzhou, in eastern.... 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