Why? 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. LME brokers and their clients were hit with margin call after margin call. The difference between trading assets and CFDs. The price moves exacerbated the pressure on holders of big short positions, already facing calls to deposit extra funds with brokers, a practice known in financial markets as margin calls. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Short-covering trades made last week by the Chinese billionaire contributed to a swift, huge surge. 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. For most of the past decade, theyd traded between US$10,000 and US$20,000. 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. 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. The LME nickel short squeeze. While investors who sell stocks short want the price to drop, in commodity markets many producers, traders, and users take short positions as a hedge against losses on the physical commodities they hold in inventories. Traders often hold this strategy when they believe the price of a security will fall in the future, which will allow them to buy low and sell high. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. Now, the traders watched with a mixture of horror and grim fascination as the price went vertical. Continue reading your article witha WSJ subscription, Already a member? The material provided on this website is for information purposes only and should not be understood as an investment advice. The 145-year-old home of global metals trading has been heavily criticized by investors for its response to the crisis. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. For the fourth quarter, the company expects to generate "high single-digit. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 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. Capital Com is an execution-only service provider. . This copy is for your personal, non-commercial use only. LME brokers and their clients were hit with margin call after margin call. 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 . Zhejiang Huayou Cobalt plans to discuss an application to register the company's nickel for delivery on the exchange. Now, people familiar with the matter say, the exchange is likely to introduce such measures as position limits and greater transparency. 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. Pada titik ini, posisi short Tsingshan dibekukan. 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He draws a comparison with Silver Thursday, the day in 1980 when an attempt bythe Hunt brothersto corner the silver market came unstuck. Bloombergs Joe Deaux reports. 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. The big fear was that Tsingshan would struggle to make margin calls with its bankers, potentially facing billions of dollars in losses. Tsingshan is also a nickel miner and operates nickel pig iron mines and production facilities. Those 18 minutes will haunt me, says the executive, who wasnt authorized to speak publicly. The LMEs special committee held another call at about 6 a.m. Now they recognized that they had tosuspend trading. 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. The Wall Street Journal, which previously reported the talks, also said Standard Chartered (STAN.L) and BNP Paribas (BNPP.PA) were among the banks looking to reach agreement. One of Tsingshans brokers, CCBI Global Markets, also failed to pay hundreds of millions of dollars in margin calls on its nickel positions on March 7. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metalthe type deliverable on the LME. Why is nickel going up so drastically in a short period of time? Prices for the metal, used in stainless steel and electric vehicle batteries, were last in that range in December. Traders must deposit cash,. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. For the LME to cancel nickel trades between willing buyers and sellers is unforgiveable. Margin call ini membuat harga nikel meledak dan menembus US$ 100 ribu per ton dari hanya US$ 25 ribu per ton. Plus, 60% off clearance with American Eagle promo code, Wayfair promo code: 10% off any single purchase, Kohl's promo code: 30% off for Kohl's Rewards Members, 50% off + free delivery on any order with DoorDash promo code. read most from bloomberg Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. During the standstill agreement, the company and banks will discuss a standby secured liquidity facility, Tsingshan said. However, the short position holders have to pay a margin. 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. 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 giant commodity trader Glencore Plc also had a position on the LME that would benefit from rising prices. For non-personal use or to order multiple copies, please contact 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 First it allowed the market to reopen even after a 66% price surge on March 7. For a while, it wasunclear which view of the market would prevail. 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 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. 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. On the London Metal Exchange, the premier trading and price-formation venue for industrial metals, nickel traded between $10,000 and $20,000 per metric ton and moved about $100 each day. Cliff Asness, founder of AQR Capital Management,accused the LME, which was for more than a century owned by its members but in 2012 was sold to Hong Kong Exchanges & Clearing, of stealing money from market participants trading in good faith and giving it to Chinese nickel producers and their banks. LMEs Chamberlain defended canceling the trades. Late Tuesday, the exchange said it anticipates trading wont resume before Friday. 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. Nevertheless, the short squeeze did trigger a whopping $8 billion margin call on Guangda. Capital Com Online Investments Ltd is a limited liability company with company number 209236B. Creditors and banks who acted for Tsingshan were demanding margin settlements and the closing of all positions. A record-breaking rally in nickel prices that led the London Metal Exchange to halt trading on Tuesday is putting increased pressure on the Chinese stainless steel producer Tsingshan and its billionaire co-founder. UNFORGIVEABLE,tweetedMark Thompson, a former trader at Trafigura and Apollo. 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 . Trimegah menilai bisa. The industry leader for online information for tax, accounting and finance professionals. Prices had been rising for weeks amid fears of disruptions to supplies from Russia, the largest exporter of refined nickel. Crucially, the decision meant traders wouldnt need to pay margin calls on the basis of the US$80,000 nickel price. Tsingshan, among other Chinese companies, is ramping up a wave of new battery-grade nickel capacity in Indonesia. 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. 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 . The LME suspended trading in nickel on Tuesday morning after one of the most dramatic price spikes in commodity market history. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. That might have taken down some of the LME 's member-brokers. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. Continue reading your article witha WSJ subscription, Already a member? The first source said that the banks could potentially earn money on a bridge loan secured by future nickel production if Tsingshan paid them back over time as it produced nickel. Weve received a lot of phone calls today, he said. Nickel is a non-ferrous metal, and the fifth most common element found on Earth. 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. Contact us | Read on for our analysis on the recent LME nickel short squeeze and the market outlook. Are you considering whether or not to trade nickel or want to learn more about the market? Then on March 7, nickel's price began its parabolic. It also doesn't create waste and may help fight the climate crisis. A sharp surge in nickel prices triggered margin call fears at the London Metal Exchange which suspended trading after prices doubled in hours. 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. 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. The fear was that Tsingshan could not make its margin calls, interim payments to parties on the other side of the trade. Exchanges. 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. Nickel short interest was created by Tsingshan. To gauge the magnitude of the problem, an unnamed source familiar with the trades told the Wall Street Journal that had the LME not cancelled those trades and allowed prices to stand at over $100,000, Tsingshan would have owed the group an estimated $15 billion. The LME made a near-unprecedented decision. Known as Big Shot in China for his imposing presence in the metal industry, Xiang Guangda, the founder of the worlds 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 one-eighth of all of the LMEs outstanding contracts at its peak. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. The Morowali park mainly produces nickel pig iron for stainless steel. Neither party seems very keen on this idea, however. Nickel, used in stainless steel and electric-vehicle batteries, surged as much as 250% in two days to trade briefly above $100,000 a ton early Tuesday. 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. 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. Tsingshan, the world's largest stainless steel producer, is rumoured to have built a big short position in nickel before a 250% rally in [] Brokers, in turn, must hold margin at the clearing house, LME Clear. Only you can decide whether nickel is a good buy or not. 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. LONDON, March 14 (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 Metal Exchange (LME), the company said on Monday, a move sources said should help calm the market. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The new historic high is nearly twice the previous record of $51,600 in 2007. We expect the EBITDA margin to be around . Creditors and banks who acted for Tsingshan were demanding margin settlements and the closing of all positions. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Distribution and use of this material are governed by 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. It could be even larger than that when positions taken through intermediaries are taken into account, people separately said. Prices of oil, gas, wheat and a range of metals, including aluminium and palladium, have soared since the invasion, ramping up costs for companies and consumers and threatening the nascent recovery from the coronavirus pandemic. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 4.3 Global Ferro Nickel Sales Volume, Revenue, Price and Gross Margin (2016-2022) 4.4 United States Ferro Nickel Sales Volume, Revenue, Price and Gross Margin (2016-2022) But the LME has defended its actions, arguing that the decisions it took were made with full regard to regulatory due process and in the interests of the market as a whole, according to a spokesman for the exchange, who spoke to UK financial-news publication City A.M. during the week after the suspension. People familiar with the discussions said the exchange would ideally prefer to wait until Xiang has reached a resolution with his banks and brokers. . ), by sales channel (Direct Channel, Distribution Channel), by player (Shandong Xinhai Technology, Tsingshan Holding Group, Eramet, Linyi Yichen Alloy, Jiangsu Delong Nickel Industry . 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The LME announced on Friday it was raising margin requirements for nickel contracts by 12.5% to $2,250 a tonne. Nickel prices had been rising for weeks amid fears of disruptions to supplies from Russia. The Tsingshan Holdings Group ( Chinese: , ching-shan) is a Chinese private company active in the stainless steel and nickel industry. This report studies the Ferronickel market, covering market size for segment by type (Ferronickel (Nickel15%), Ferronickel (Nickel15-25%), etc. Tsingshan's 2022 nickel equivalent output is . Tsingshan thus desperately scrambled to buy nickel to cover its short position, which only added further upward pressure on prices. . 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. But nothing could prepare the market for what was about to follow, with the Russia-Ukraine conflict sending prices skywards on global supply concerns. The nickel market was anything but calm. 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 . 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. Some think this could herald the end of the exchange itself. Tsingshan has been finding it difficult to pay margin calls to its creditors, the report said. Q. 3.1 What is the margin call to Tsingshan? The most notable holder of short positions is Tsingshan Holdings - one of the world's largest nickel and stainless steel producers - which is believed to own positions on about 100,000 tons of nickel with paper losses totaling up to $8 billion before the London Metal Exchange halted trading. The majority of retail investor accounts lose money when trading CFDs. For non-personal use or to order multiple copies, please contact Tsingshan has said it has secured facilities with its consortium banks and will exit its position in an orderly manner. Based on the close on Friday night at $29,130, the LME were raising initial margins to a prudent 7.72% of the contract value. 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