People familiar with the discussions said the exchange would ideally prefer to wait until Xiang has reached a resolution with his banks and brokers. Nickels price moved sharply higher in the week after Russias invasion. Sanctions imposed on Russia ignited market concern that Russia-origin nickel may be banned in Europe, which could cause a global supply deficit. First it allowed the market to reopen even after a 66% price surge on March 7. Reuters could not determine how large Tsingshan's short position currently is after it cut its exposure. The exchange then retroactively wiped out $3.9 billion worth of transactions made before the suspension to demonstrate that nickel prices had stopped reflecting the underlying physical market. That would come on top of any losses incurred by the tycoon since he began building the short position late last year through closely held Tsingshan. The nickel market was anything but calm. Some aggrieved traders are already preparing to take legal action against 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. Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. 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. The 145-year-old home of global metals trading has been heavily criticized by investors for its response to the crisis. Even at that level, clients of LME brokers had failed to pay some US$500 million of margin calls in relation to their short positions on the exchange, according to a person familiar with the matter. The war in Ukraine surprised the market and led to a price surge, pushing Tsingshans margin to billions as it rose in-line with nickel prices. The Chinese government may also play a role. WATCH: Trading on LME is now set to resume Wednesday. If you are considering investing or trading nickel, its important to do your own research. 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. Several large brokers got margin calls of close to US$1 billion each over the course of the day. our Subscriber Agreement and by copyright law. Tsingshan was unable meet margin calls and only avoided bankruptcy after . 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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. Nevertheless, the short squeeze did trigger a whopping $8 billion margin call on Guangda. The arrangement will also help the pave the way for the London Metal Exchange to restart nickel trading, they said. read most from bloomberg Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Is the Strength of Big Tech Regulation Sufficient at Present? This will allow the trader to buy the security back at a lower price, return it to the lender and hopefully pocket a handsome profit. read more. Matthew Chamberlain, the LMEs chief executive officer, had stayed up to watch. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. Just over a year after the historic short squeeze involving video-game retailer GameStop sent shockwaves around the financial world, a similar episode broke out in early March, this time on the London Metal Exchanges (LME) nickel market. Founded back in 1877 and now owned by Hong Kong Exchanges & Clearing (HKEX), the LME performs a critical role in determining benchmark prices for the global metals industry and provides a liquid market venue for financial institutions to make money. Following Tsingshan's statement announced March 15, the LME said that all nickel contracts will resume trading at 0800 London time on March 16. Distribution and use of this material are governed by Some have also warned that much of the chaos in the nickel market may not be over yet. Tsingshan thus desperately scrambled to buy nickel to cover its short position, which only added further upward pressure on prices. Tsingshan yang dimiliki oleh swasta secara harfiah memiliki arti "gunung hijau", berbasis di kota Wenzhou di China dan memiliki . This exact scenario emerged in early March in the LMEs nickel market following the escalation of the Russia-Ukraine military conflict, with Chinese nickel-maker Tsingshan Holding Group the unfortunate short seller in this episode. It also doesn't create waste and may help fight the climate crisis. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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A sharp surge in nickel prices triggered margin call fears at the London Metal Exchange which suspended trading after prices doubled in hours. Follow the topics, people and companies that matter to you. When it was flying towards US$100,000, you could feel the damage, and you knew companies were fighting for their existence, says John Browning, founding partner of brokerage Bands Financial Ltd. and a former LME board member. Forbes places Xiang's real-time net worth at $1.2 billion. Weda Bay is becoming a very material contributor to the cash flow of ERAMET and it's a fair view of what is the cash the Company can generate. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metalthe type deliverable on the LME. By now, the entire nickel industry was in crisis. The question is, will it continue to fail? Ghali posited to CNN. Jack Farchy, Alfred Cang and Mark Burton, Bloomberg News. Terms & Conditions Finance Publishing Tsingshan, who pioneered the Rotary Kiln Electric Furnace (RKEF) process to produce low-cost nickel pig iron (NPI), is now the dominant player in the Indonesian NPI industry and a global leader in NPI processing technology, including having implemented the Argon Oxygen Decarburisation process which incorporates the direct hot charging of NPI into the stainless steel production process for a . A stressful week in markets got even worse for some metals traders when the main exchange's software misfired by generating erroneous margin calls, adding to the chaos at a time when brokers . Tsingshan was betting that nickel prices would slump but instead they staged an unprecedented rally amid severe economic sanctions against Russia, a major global producer of the metal, over its invasion of Ukraine. 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. (Bloomberg) A unit of China Construction Bank Corp was given extra time by the London Metal Exchange to pay hundreds of millions of dollars in margin calls it missed on Monday amid an unprecedented rise in nickel prices, in this case According to people familiar with . Li Huan/Red Star News/VCG via Getty Images. The sharp increase in nickel prices was driven by supply concern exacerbated by Russias invsion of Ukraine Russia is the third largest primary nickel producer after Indonesia and China. The LME made a near-unprecedented decision. China's Tsingshan Holding Group has reached an agreement with banks under which they will not make margin calls on or close out the producer's nickel positions on the London Metal Exchange (LME) in a move that could help calm markets.. During the standstill agreement, the company and banks will discuss a standby secured liquidity facility, Tsingshan said. This is a fee deposit with a counterparty (often the brokers or exchange) to cover some of the credit risk undertaken to take a short position. Q. FY18 RESULTS, FY19 GUIDANCE AND CORPORATE PRESENTATION 22 AUGUST 2018 AGENDA Results Guidance Corporate Operations Growth Exploration Nickel Market DISCLAIMER AND FORWARD (Podcast). call +44 20 3097 8888 support@capital.com. It was 5:42 a.m. on March 8 in London when the nickel market broke. The broker was able to settle the margin calls on Tuesday after several clients, including Tsingshan, got loans to cover their positions, one of the people said. Just after 6 a.m., the price of nickel passed US$100,000 a ton. Then on March 7, nickels price began its parabolic ascent, surging from US$30,000 a ton to more than US$50,000. Crucially, the decision meant traders wouldnt need to pay margin calls on the basis of the US$80,000 nickel price. Bloomberg News' Joe Deaux reports. Its unclear whether he will get his way. Tsingshan, among other Chinese companies, is ramping up a wave of new battery-grade nickel capacity in Indonesia. China's Tsingshan Holding Group has reached agreements with two companies to swap its . Given that JPMorgan was reported as the biggest trading counterparty against which Tsingshans nickel trades were made, the US bank led the subsequent agreement to arrange a rescue credit facility, secured from various lenders, including China Construction Bank (CCB), to help the Chinese nickel giant address its immediate liquidity squeeze. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. The fear was that Tsingshan could not make its margin calls, interim payments to parties on the other side of the trade. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Not surprisingly, investors have not been particularly satisfied with the LMEs actionsor lack thereofin allowing this situation to transpire. During the standstill agreement, the company and banks will discuss a standby secured liquidity facility, Tsingshan said. 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. Nickel prices trading on the London Metal Exchange (LME) has fallen significantly over the past few months as restrictions cooled the turbulent market, pulling the metal down from its record high of above $100,000 a tonne on 8 March. Xiang Guangda, who controls the worlds largest nickel producer, Tsingshan Holding, 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. Pada titik ini, posisi short Tsingshan dibekukan. Capital Com Online Investments Ltd is a limited liability company with company number 209236B. The extra charge kicks in at close of business on Tuesday. 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. CCBI Global Markets is another creditor, two separate sources said. LONDON (Reuters) -- China's Tsingshan Holding Group has reached an agreement with banks under which they will not make margin calls on or close out the producer's nickel positions on the London . Only you can decide whether nickel is a good buy or not. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. The metals industry, financial regulators and Chinese officials rushed to resolve a crisis in Londons nickel market, which remained on ice after an ill-fated trade sparked mammoth price gains and billions of dollars of losses. Xiangs short position has now racked upbillions of dollars in losses. 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[2] It moved into the Indonesian nickel industry in 2009. About 50,000 tonnes of Xiang's total nickel short position of over 150,000 tonnes is held through an over-the-counter position with JP Morgan, which means Tsingshan owed the bank about US$1 . 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. The three-month LME nickel prices hit an intra-day high at $101,365 a metric tonne on 8 March 2022. "For the period of the standstill, the participating hedge banks agree not to close out positions against Tsingshan or to make further margin calls in respect of existing positions. Continue reading your article witha WSJ subscription, Already a member? (Bloomberg) -- One of the key Chinese players in last year's nickel short squeeze is preparing to meet London Metal Exchange Chief Executive Matthew Chamberlain in the first face-to-face encounter since the crisis that upended the global metals world.Most Read from BloombergHow Biden's Shock-and-Awe Tactic Is Failing to Stop RussiaChina Cease-Fire Proposal for Ukraine Falls Flat With US . Tsingshan has said it has secured facilities with its consortium banks and will exit its position in an orderly manner. Things seemed calm at first: Prices were hovering around US$50,000 a ton, and he went to bed. NIC's operations and cash flow remained stable in 2022 despite Tsingshan's significant loss on its nickel short position in March 2022. Erin Jonasson. This copy is for your personal, non-commercial use only. Brokers, in turn, must hold margin at the clearing house, LME Clear. https://www.wsj.com/articles/nickel-market-crisis-sends-london-metal-exchange-scrambling-to-prevent-damage-11646858558. But recent events have certainly injected a dose of volatility into the market. The fallout was immediate. The price continued to climb higher as one of the world's largest nickel producers, Russia decided to invade Ukraine. 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. The tycoon whose big short bet on nickel helped trigger one of the most dramatic price spikes in history has told his banks and brokers that he doesnt intend to reduce his position, according to people familiar with the matter. Its also one of the most important raw materials needed inmaking batteriesfor electric vehicles. Financial markets are on edge after the London Metal Exchange last week granted a reprieve to the giant Chinese nickel producer, which . For participants in commodities exchanges, a price rally is not necessarily good news. This weeks spike in prices has played out principally on the LME, and many traders expect the price to return to more normal levels once the margin call chaos has been resolved. The metal is found in all our homes as a key ingredient of stainless steel. 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. Tsingshan debacle exposes weak underbelly of LME. The annals of commodity markets are full of tales of producers and traders, fromMetallgesellschaftto Sumitomo, that blurred the lines between hedging and speculation and ended with billions of dollars in losses. UNFORGIVEABLE,tweetedMark Thompson, a former trader at Trafigura and Apollo. It said the banks agreed not to make margin calls or close out their positions against Tsingshan while the company is resolving its nickel margin and settlement requirements. Comparable-store sales rose 19.3% in fiscal 2020 and grew another 14.4% year over year in the first nine months of 2021. The war in Ukraine surprised the market and led to a price surge, pushing Tsingshan's margin to billions as it rose in-line with nickel prices. 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. You should never trade more than you can afford to lose. JPMorgan Chase & Co (JPM.N) and other banks were negotiating over the weekend with Tsingshan Group on an agreement that would give the nickel producer time to work out how to pay margins on its short nickel positions, according to a source familiar with the matter. 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