Everything changed when Russia invaded Ukraine. Its also one of the most important raw materials needed in making batteries for electric vehicles. Canada Nickel Company Inc. $1.24. 1w. 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. 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. Long Term . 389 8 Comments. WATCH: The Chinese tycoon, known as Big Shot in commodities circles is said to be facing billions of losses. Some started hurrying to buy back nickel contracts, sending the price of nickel spiralling ever higher. UNFORGIVABLE, tweeted Mark Thompson, a former trader at Trafigura and Apollo. It now operates large nickel production facilities in China and Indonesia. 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. (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.). 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. Poseidon Nickel is listed on the Australian Securities Exchange (ASX) and has a trailing 12-month revenue of around AUDC$256,000. ESC Mali school of busness. Furious investors and traders. Then on March 7, nickels price began its parabolic ascent, surging from $US30,000 a tonne to more than $US50,000. 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 difference is that nickel is a commodity that touches the entire global economy. But the obvious consequence of so much nickel hitting the market, he believed, would be a fall in its price. Tsingshan has recently threatened in Chinese domestic media to deliver physical metal to the LME, a strong-arm tactic that analysts say would push prices back down. China imported 3.44 million tonnes of NPI/ferro-nickel in 2020, up by 79.89% year on year, while Indonesia's material imports came to 2.73 million tonnes in 2020, up 99.6% from a year earlier, according to China Customs data. The nickel market was anything but calm. 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. But its obligations dwarfed its available cash and bank credit. 2017 - 2018 Yicai Global, Yicai Media Group. 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. . Cash and short-term investments. . At 1 a.m. on Tuesday, the market opened. . But while the short squeeze has weighed on Tsingshans short-term cash flows, strong nickel prices are to its advantage in the long run. Once its industrial complex reaches peak p. Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. INF News.com. They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. Pemex Reports $9.4 Billion Loss as AMLO Fails to Revive Output . Most analysts sided with Xiang, at least in the medium term, believing that nickel productionled by Tsingshan and its competitors in Indonesiawould outpace demand. Harjavalta nickel smelter in Finland (Credit: Boliden). (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.). Cobalt. Beijing is supportive of him, Xiang told contacts recently. Futures traded on the London Metal Exchange surged over 250 percent to USD101,365 a ton yesterday from March 7. Those past scandals forced reforms on the exchange. 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. Located in Kristiansand, Nikkelverk is the largest nickel refinery in the western world producing high-quality nickel and cobalt. Senior Mine Engineer. 115 000 MT. Those moves sent nickel to a record high of more than $US100,000 ($136,000) a tonne on Tuesday before trading was suspended. 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. Glencore's Koniambo mine is located in New Caledonia, mining nickel in this French territory in the South Pacific. 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 By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. Resetting your password will log you out of all your active Yicai Global sessions. If it can weather the current storm, Tsingshan which recorded more than $US40 billion in annual revenue over the past two years should be a prime beneficiary of higher nickel prices as the worlds top producer. 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. And that was just for the portion of the short position it held directly on the exchangeabout 30,000 tons. 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. Evaporating liquidity. Anglo, which produced 59.3 million tonnes of iron ore last year, aims to halve its Scope 3 indirect emissions by 2040. The investment is part of Ruperts non-brokered private placement for gross proceeds of about $35 million. Some aggrieved traders are already preparing to take legal action against the exchange. Executives from Goldman Sachs Group voiced their displeasure at the decision on a call with Chamberlain. That led to some missteps in Xiangs strategic decisions over his trading exposure, three of the people said. Tsingshan started building its short position last year in part because Xiang expected a nascent surge in nickel prices to fade, according to people familiar with the matter. Save my name, email, and website in this browser for the next time I comment. Some think this could herald the end of the exchange itself. The new venture Ionick Metals Ltd has executed a 12-month option agreement with Jodama Pty Ltd, which can pick up vendor and . Undeterred, the Chinese tycoon has told banks he wants tomaintain his position, and has asked them to keep funding him despite the losses. Mid Term. Traders and brokers on the open outcry pit at the London Metal Exchange. Those moves sent nickel to a record high of more than $100,000 a ton on Tuesday beforetrading was suspended. . But its obligations dwarfed its available cash and bank credit. When it was flying towards $US100,000, you could feel the damage, and you knew companies were fighting for their existence, says John Browning, founding partner of brokerage Bands Financial and a former LME board member. Save my name, email, and website in this browser for the next time I comment. Glencore's original trading business is still a powerhouse and is . Activity . A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after this weeks unprecedented price spike, according to people familiar with the matter. Beijing is supportive of him, Xiang told contacts recently. Xiang was aware of flaws in his strategy, people familiar with the matter said. The latest price was A$0.04 (25-minute delay). Were working to restore it. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. Glencore is a leading producer and marketer of nickel, as well as a recycler of nickel-containing materials such as batteries. Mar 16, 2022 - 8.00am. Your email address will not be published. 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. this week's short squeeze is nonetheless likely to push . For the LME to cancel nickel trades between willing buyers and sellers is unforgivable. Now, the traders watched with a mixture of horror and grim fascination as the price went skyward. 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. Trafigura Lines Up Russia Aluminum Deal in Challenge to Glencore. 2W - 6W. The LMEs special committee held another call at about 6am. 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. Sudbury Integrated Nickel Operations are located in the Sudbury basin, northern Ontario, Canada. People forgot that this isnt a video game retailer; its an important physical commodity.. And once again, this short squeeze racked up billions in losses for those involved. Our nickel operations are in Canada, Australia, Norway, and New . Massive short positions held by Xiangs Tsingshan Holding Group Co., the worlds largest nickel producer, have gone disastrously awry over the past few days. Several large brokers got margin calls of close to $US1 billion each over the course of the day. 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. In theory, there should be two options for this 200,000 tons of nickel short order: 1. Project manager for transition of Sudbury INO from CAMP to Deswik. 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. Having capacity but no inventory puts Tsingshan at a disadvantage, he said. Tsingshan is in touch with relevant parties and has the support of Chinese government departments and leaders, he added. I am linking to your article in my blog, which will be published early tomorrow, Sunday, July 24. Then, as now, a key factor was the intervention of the exchange. Worse, the chaos was spreading to other markets: Zinc prices spiked 15% in a few minutes to a record high, only to collapse again. 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. Not everyone shared his pessimism about prices. 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. They had offset their deals with Tsingshan by placing their own short positions on the LME. Enter the code below to reset your password. 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. Despite the recent upheaval, his company still remains the biggest in the nickel industry. A Glencore spokesman declined to comment. Remember, when prices move up, traders such as Xiang who have sold futures contracts face margin calls; they must put up more cash to cover potential losses. 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. Several large brokers got margin calls of close to $1 billion each over the course of the day. Nickel prices had been rising for weeks, amid fears that supplies from Russia the largest exporter of refined nickel would be disrupted if the countryinvaded Ukraine. 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. Production 2019. Xiang was aware of flaws in his strategy, people familiar with the matter said. 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. Still, the LME has weathered numerous scandals before in its 145-year history, from a 1985 crisis in the tin market that caused many brokers to go out of business to the incident when a trader at Sumitomo hid more than $US2 billion in losses. A Glencore spokesman declined to comment. Tsingshans nickel doesnt match the grade used in settlement on the LME, so the contracts arent a perfect hedge. You have achieved great things in these short 4 years (whilst remaining humble and kind . In the short term, apackage of loansfrom Chinese and international banks will help Tsingshan meet its immediate liquidity squeeze. As Russias invasion of Ukraine pushed up prices, short-position holders including Tsingshan scrambled to trim their bets. How Xiang got to this point is a story that encompasses Chinas emergence as a global economic behemoth. Nickel. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. But while the short squeeze has weighed on Tsingshan's . The price was frozen, below the record high but still at $US80,000 a tonne. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Tsingshan Group is the partner of Huayou that develops the nickel project. Sulphuric acid. Xiang Guangda -- who controls the worlds largest nickel producer, Tsingshan Holding Group Co., and is known as Big Shot in Chinese commodity circles -- has closed out part of his companys short position and is considering whether to exit the wager altogether, the people said. The metal is found in all our homes as a key ingredient of stainless steel. Source: LME. 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. Neither party seems very keen on this idea, however. 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. Earlier this week, nickel prices in London spiked byas much as 250%in little more than 24 hours. Nickel boosts the energy within batteries and, at the same time, allows battery makers to reduce the use of more expensive cobalt. Things seemed calm at first: Prices were hovering about $US50,000 a tonne, and he went to bed. Major international companies like BHP Group Ltd. and Rio Tinto Plc hedge against currencies, commodity prices and interest rates on an as required basis. Perhaps what's 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. Glencore is still a short opportunity but mid-2022 looks to be the end of long run commodity bear trend. Xiang wanted to increase Tsingshans production dramatically by producing so-called nickel matte for electric vehicle batteries. Mark Hansen, chief executive officer of Concord Resources. I actually stumbled upon the date, March 8, researching gold and silver, both of which began a severe downtrend on that very date. Nickel prices usually move a few hundred dollars per ton in a day. Some traders and bankers have questioned whether a producer like Tsingshan, which has relatively low production costs and is active in all parts of the supply chain, really needs such a large hedging position. You have achieved great things in these short 4 years (whilst remaining humble and kind); I am super Congratulations and thank you Aurlien Bouic! LME brokers and their clients were hit with margin call after margin call. Among them were some of the biggest names on Wall Street. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to . At 1am on March 8, the market opened. The metal is found in all our homes as a key ingredient of stainless steel. 6W - 9M. If you don't see the email, check your junk, spam or other folders. Major international companies like BHP Group Ltd. and Rio Tinto Plc hedge against currencies, commodity prices and interest rates on an as required basis. Stephen Engle reports. I see all automakers within a short time creating their own 4680 . In the meantime, the nickel market is on ice, with traders unable to exit their positions, and many billions of dollars tied up in margin calls. 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. Yet the day before, the market had started to unravel, with prices rising by astunning66% to $48,078. For participants in commodities exchanges, a price rally is not necessarily good news. Chinese tycoon behind nickels big short has power to fuel more drama. For the LME to cancel nickel trades between willing buyers and sellers is unforgiveable. LME chief executive Matthew Chamberlain had stayed up to watch. Earlier this week, nickel prices in London spiked by as much as 250 per cent in little more than 24 hours. He said UBS . Glencore is the world's biggest producer of cobalt, and is among the top three public copper companies and nickel companies. #GlencoreCopper #MetalOfTheFuture https://lnkd.in/eEqPmJn9. Explore the latest reports and results, including financial results, production reports and our annual report. 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 . Investors who had booked trades during the chaotic session in the early hours of Tuesday were furious. Our fundamental responsibility is market stability, he said. By now, the entire nickel industry was in crisis. This suggests a possible upside of 27.1% from the stock's current price. Feb 2021 - Dec 202111 months. Late Tuesday . By Lucy Battersby. Mark Hansen, chief executive officer of Concord Resources, Help using this website - Accessibility statement. Global key Nickel Plate players cover Vale Limited, Jinchuan Group, Glencore, Norilsk Nickel and Jinlin Jien Nickel, etc. In this position, you will be responsible for the drafting of sales and purchase contracts and related legal documents. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. As the price rose through the London day after offices in Asia had closed, Tsingshan started struggling to pay, the people say. Xiang Guangdas wrong-way bet on nickel futures helped trigger one of the wildest commodity price spikes in history. Others took to social media. But much of Chinas academic and business community did not believe Russia would attack its neighbour. As at January 31, 2023 Glencore holds 72,008,404 Common Shares, representing approximately 70.8% of the issued and outstanding Common Shares. . Nickel Rim South Mine. Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. 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. Our nickel operations are in Canada, Australia, Norway, and New Caledonia. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. The LME made a near-unprecedented decision. Please try again later. Tsingshan is an excellent Chinese enterprise.. 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. I'll discuss why. Effectively, it rewound the market to the moment when prices closed on Monday at $US48,078. (By Jack Farchy, Alfred Cang and Mark Burton, with assistance from Sridhar Natarajan), Your email address will not be published. 92 132 MT. China's manufacturing activity expanded at the fastest pace in more than a decade in February. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to people familiar with the matter. 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. The seeds of the epic short squeeze were sown last year, when nickel, like all commodities, was rallying from its COVID-19-era low. 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 . Just after 6am, the price of nickel passed $US100,000 a tonne. Ore is processed at the Strathcona mill. Tsingshan started building its short position last year in part because Xiang expected a nascent surge in nickel prices to fade, according to people familiar with the matter. Hes in the physical nickel business. In cobalt, a Chinese state-owned firm is also quite large, but Glencore is still the largest producer of cobalt in the free world. They include: Koniambo is a large-scale integrated ferronickel mining and processing complex. Tsingshan accounted for about half that amount. Complete Glencore PLC ADR stock information by Barron's. View real-time GLNCY stock price and news, along with industry-best analysis. Why bet against nickel when you have a nickel business? Credit: INF News.com. 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. Effectively, it rewound the market to the moment when prices closed on Monday at $48,078. Tsingshan Group placed a short nickel order, and the matter of being shorted by the opponent was brushed off. Miners, traders, and manufacturers often use the market to make short betsthat is, to make money when prices fall. Despite the recent upheaval, his company still remains the biggest in the nickel industry. 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. Nickel in recent months, according to people familiar with the matter mid-2022 to. Deal in Challenge to Glencore to people familiar with the matter said then on March 8, the opened! Responsibility is market stability, he added New venture Ionick Metals Ltd has executed a option... ( 25-minute delay ) a.m. on Tuesday, the market, he said of so much hitting. With Chamberlain humble and kind Chinas emergence as a recycler of nickel-containing materials as! Yicai Media Group trades during the chaotic session in the nickel industry nickel passed $ US100,000 a tonne more! Make money when prices closed on Monday at $ US80,000 a tonne against the itself. 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