Please try again later. The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. They had offset their deals with Tsingshan by placing their short positions on the LME. Production 2019. Evaporating liquidity. Then on March 7, nickels price began its parabolic ascent, surging from $US30,000 a tonne to more than $US50,000. Nikkelverk is committed to the principles of sustainable development, taking into account social, environmental and economic factors. Our positions and operations dont have any problems, Xiang Guangda, who is also the Wenshou-based companys founder, told Yicai Global yesterday. However, reports that Beijing is mulling a rescue deal for Tsingshan Holding Group , the company behind nickel's big short . At 8.15am, the screens stopped flashing, hours before the in-person pit trading session was even set to begin. Tsingshan accounted for about half that amount. 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. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. Xiang Guangdas wrong-way bet on nickel futures helped trigger one of the wildest commodity price spikes in history. Were working to restore it. Your email address will not be published. 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. Editors: Zhang Yushuo,Futura Costaglione, Nickel Price Spike Hasnt Hit Top Producers Market Positions, Operations, Tsingshan Chairman Says. 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. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. Some think this could herald the end of the exchange itself. (By Jack Farchy, Alfred Cang and Mark Burton, with assistance from Sridhar Natarajan), Your email address will not be published. Summary. Cobalt. Stainless steel with nickel content is omnipresent, for example in buildings, bridges and kitchen appliances. Why? 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. Explore the extraordinary journey of nickel, of nickel sold via our marketing business. For most of the past decade, theyd traded between $US10,000 ($13,700) and $US20,000. 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. 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. Glencore Headquarters. Why bet against nickel when you have a nickel business? Yet the firm's lucrative . Required fields are marked *. 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. Once its industrial complex reaches peak p. LME brokers and their clients were hit with margin call after margin call. The giant commodity trader Glencore also had a position on the LME that would benefit from rising prices. I'll discuss why. . The new venture Ionick Metals Ltd has executed a 12-month option agreement with Jodama Pty Ltd, which can pick up vendor and . At the time of the LME's trading halt, nickel had gained more than 230% in March. In August 2021, Glencore increased its medium-term emission reduction target to a 50% reduction by 2035 on 2019 levels and introduced a new short-term target of a 15% reduction by 2026 on 2019 levels. 21 962. Supervised survey and mine scheduling groups. Massive short positions held by Xiangs Tsingshan Holding Group, the worlds largest nickel producer, have gone disastrously awry over the past few days. A decision to close out the 200,000-ton short position would result in a loss of about USD8 billion, the person said. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. Xiang wanted to increase Tsingshans production dramatically by producing so-callednickel mattefor electric vehicle batteries. 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 company paid at least some of its margin calls early on March 7, says one person familiar with the matter. 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. Yet the day before, the market had started to unravel, with prices rising by astunning66% to $48,078. gold and silver, amounted to 809 and 31 516 tons, respectively. At 1am on March 8, the market opened. And that was just for the portion of the short position it held directly on the exchangeabout 30,000 tons. If you don't see the email, check your junk, spam or other folders. Tsingshan needs to increase the contract margins or roll over the futures if it decides to keep the contracts, which would require a huge amount of cash, an analyst told Yicai Global. The price move on March 8 created a systemic risk to the market, the LME said two days later. While Russias nickel exports havent been targeted by sanctions, US and European buyers have nonetheless sought alternatives to Russian sources. The price was frozen, below the record high but still at $US80,000 a tonne. He started increasing his short position on the London Metal Exchange. Then, as now, a key factor was the intervention of the exchange. Miners, traders, and manufacturers often use the market to make short bets that is, to make money when prices fall. That led to some missteps in Xiangs strategic decisions over his trading exposure, three of the people 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. The tycoon long believed that because he was the worlds biggest player and had ultra-low costs, he could wield unprecedented influence over the nickel market, people familiar with the matter said. 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. By Lucy Battersby. Tsingshans short position could have incurred mark-to-market losses of at least $2 billion on Monday alone, people familiar with the matter said. It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. Among them were some of the biggest names on Wall Street. 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. Its unclear whether he will get his way. Despite the recent upheaval, his company still remains the biggest in the nickel industry. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. 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. 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. 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. UNFORGIVEABLE,tweetedMark Thompson, a former trader at Trafigura and Apollo. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee . But its obligations dwarfed its available cash and bank credit. 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. For participants in commodities exchanges, a price rally is not necessarily good news. Despite the recent upheaval, his company still remains the biggest in the nickel industry. Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. Having capacity but no inventory puts Tsingshan at a disadvantage, he said. Mid Term. But while the short squeeze has weighed on Tsingshan's . He blamed foreigners making some moves for nickels price spike in an interview with Chinese news outlet Yicai. We have interests in a range of mining assets on four continents. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. You will be able to view the post at https://dtmagazine.com/money724-302022.php#wrap in the Precious Metals section. MINK. Hes in the physical nickel business. 389 8 Comments. 1w. In cobalt, a Chinese state-owned firm is also quite large, but Glencore is still the largest producer of cobalt in the free world. By now, Tsingshan wasnt the only nickel company that was strugglingjust the biggest. UNFORGIVABLE, tweeted Mark Thompson, a former trader at Trafigura and Apollo. 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. For most of the past decade, theyd traded between $10,000 and $20,000. We produce other metals as a by-product of nickel production, including cobalt, copper, precious metals and platinum-group metals. Project manager for transition of Sudbury INO from CAMP to Deswik. . Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. At current prices, nickel would comprise 12% of Glencore's earnings before interest, tax, depreciation and amortisation (EBITDA) as well as 9% EBITDA for Anglo American and BHP, also listed in Johannesburg. People forgot that this isnt a video game retailer; its an important physical commodity.. Some started hurrying to buy back nickel contracts, sending the price of nickel spiraling ever higher. Iquique Chile Falconbridge . Sudbury Integrated Nickel Operations are located in the Sudbury basin, northern Ontario, Canada. Trafigura Lines Up Russia Aluminum Deal in Challenge to Glencore. Last modified on Wed 15 Feb 2023 06.23 EST. This suggests a possible upside of 27.1% from the stock's current price. Undeterred, the Chinese tycoon has told banks he wants tomaintain his position, and has asked them to keep funding him despite the losses. 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. The difference is that nickel is a commodity that touches the entire global economy. The LMEs special committee held another call at about 6 a.m. Now they recognized that they had tosuspend trading. Those 18 minutes will haunt me, says the executive, who requested anonymity. Provided short/mid/long/strategic schedules using Deswik. Coal Department. 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. Sep 2021 - Present1 year 5 months. 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. As of the evening of March 13, the LME had yet to announce a date for nickel trading to resume. In theory, any price changes on the futures market should offset price changes in the value of the inventories as long as the traders can meet their margin calls. By now, the entire nickel industry was in crisis. Xiang Guangda caught out by metals spectacular rally, London Metal Exchange suspended nickel trading on Tuesday. 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. . 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. I see all automakers within a short time creating their own 4680 . 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. 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. A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after this week's unprecedented price spike, according to people . 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. When the price of nickel shot skyward last week, it plunged the industry into chaos, triggering billions of dollars in losses and leading the LME to suspend trading for the first time in three decades. Xstrata Nickel Montcalm Mine 2007 - 2010 3 years. I actually stumbled upon the date, March 8, researching gold and silver, both of which began a severe downtrend on that very date. Feb 2021 - Dec 202111 months. Its still unclear how much of a risk the nickel rally and a cash drain from topping up margin payments pose to the company. Find the latest Glencore plc (GLNCY) stock quote, history, news and other vital information to help you with your stock trading and investing. On this day, however, metal traders across the city were glued to a screen, watching the price action on the electronic market, which was already open to accommodate Asian trading. In this position, you will be responsible for the drafting of sales and purchase contracts and related legal documents. Poseidon Nickel is listed on the Australian Securities Exchange (ASX) and has a trailing 12-month revenue of around AUDC$256,000. . The metal is found in all our homes as a key ingredient of stainless steel. Learn how we produce copper and the uses it is put to. Complete Glencore PLC ADR stock information by Barron's. View real-time GLNCY stock price and news, along with industry-best analysis. 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 . Several large brokers got margin calls of close to $US1 billion each over the course of the day. Its also one of the most important raw materials needed inmaking batteriesfor electric vehicles. And once again, this short squeeze racked up billions in losses for those involved. In theory, there should be two options for this 200,000 tons of nickel short order: 1. Nickel is also used in certain types of steel which lower magnetic properties. In discussions over loans this week, Xiang told bankers hes confident his company can meet its obligations, according to people familiar. Chinese entrepreneur Xiang Guangda has been caught out by nickels price surge. . View analysts price targets for GLEN or view top-rated stocks among Wall Street analysts. On average, they predict the company's share price to reach GBX 620.91 in the next year. A market that many veterans simply describe as "broken." It's been three weeks since nickel was suspended on the London Metal Exchange after a . He started increasing his short position on the London Metal Exchange. He draws a comparison with Silver Thursday, the day in 1980 when an attempt bythe Hunt brothersto corner the silver market came unstuck. 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. 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. A Glencore spokesman declined to comment. 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. For most of the past decade, they'd traded between $10,000 and $20,000. Others in the market may also push up prices in anticipation of that short covering. Nickel prices, however, has been moving in an uptrend for a long time. Effectively, it rewound the market to the moment when prices closed on Monday at $US48,078. Xiang didnt believe the rally would last. Harjavalta nickel smelter in Finland (Credit: Boliden). Save my name, email, and website in this browser for the next time I comment. 2W - 6W. The nickel market was anything but calm. Those past scandals forced reforms on the exchange. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Copper. 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. Wayne has over 20 years of operational management experience of complex hydrometallurgical plants, specialising in transformation of operational and . WATCH: The Chinese tycoon, known as Big Shot in commodities circles is said to be facing billions of losses. Share. Perth, Western Australia, Australia. 92 000 MT. The spike was driven in large part by a short squeeze centered on Chinese tycoon Xiang Guangda, who hadamassed a big wagerthat nickel prices would fall through his companyTsingshan Holding Group Co.On Monday, a week after trading had been suspended, Xiang wasclose to securing a loan facilityfrom JPMorgan Chase & Co. and other banks that would allow him to maintain his short position and could lead to the market reopening. 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. 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. INF News.com. But the effects of the short squeeze are likely to be felt in other ways. The company had a further 120,000 tonnes or more in short positions off the exchange, in bilateral deals with such banks as JPMorgan Chase and Standard Chartered. 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. Xstrata Nickel 4 years 1 month Directeur Operations Minieres et Services techniques . How Xiang got to this point is a story that encompasses Chinas emergence as a global economic behemoth. Company says it puts it into the league of the largest undeveloped nickel deposits in the world. Now, people familiar with the matter say, the exchange is likely to introduce such measures as position limits and greater transparency. Now they had to pay big margin calls on the exchange while receiving no margin from their client. The price move on March 8 created a systemic risk to the market, the LME said two days later. It was 5.42 am on March 8 in London when the nickel market broke. 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. Xiangs short position has now racked up billions of dollars in losses. Its not just a casino. Massive short positions held by Xiangs Tsingshan Holding Group Co., the worlds largest nickel producer, have gone disastrously awry over the past few days. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. The LME made a near-unprecedented decision. 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. Vale is the world's largest producer of nickel, one of the most versatile metals in existence. Not everyone shared his pessimism about prices. In terms of revenue, the global largest two companies occupy a share . Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. Live from Dubai, connecting Asian markets to the European opens. 6W - 9M. 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. Executives fromGoldman Sachs Group Inc.voiced their displeasure at the decision on a call with Chamberlain. But much of Chinas academic and business community did not believeRussia would attackits neighbor. 5 000 MT. 3.28% . For a while, it wasunclear which view of the market would prevail. 115 000 MT. Nickel. Glencore. Chinese nickel heavyweight Tsingshan Holding Group was looking at an $8 billion trading loss after nickel prices suddenly exploded higher following Russia 's invasion of Ukraine, The Wall Street . Raglan Mine is a nickel-copper operation located in the Arctic region at the extreme limit of northern Quebec. , Mar 23, 2022. He said UBS . Things seemed calm at first: Prices were hovering about $US50,000 a tonne, and he went to bed. He blamed foreigners making some moves for nickels price spike in an interview with Chinese news outlet Yicai. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. Vale and Glencore announced today that they've entered a partnership to begin a feasibility study to explore Nickel Rim South. Finance > Capital-markets. People familiar with the discussions said the exchange would ideally prefer to wait until Xiang has reached a resolution with his banks and brokers. Pemex Reports $9.4 Billion Loss as AMLO Fails to Revive Output . It is believed that Tsingshan has accumulated large short positions in nickel derivatives markets to hedge against possible price . By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. The price was frozen, below the record high but still at $80,000 a ton. Our nickel operations are in Canada, Australia, Norway, and New Caledonia. As the price rose through the London day after offices in Asia had closed, Tsingshan started struggling to pay, the people say. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. Located in Kristiansand, Nikkelverk is the largest nickel refinery in the western world producing high-quality nickel and cobalt. Matthew Chamberlain, the LMEs chief executive officer, had stayed up to watch. Explore the latest reports and results, including financial results, production reports and our annual report. Others in the market may also push up prices anticipating that short covering. Glencore Nikkelverk is an important part of the green shift. The company has a diversified basket of commodities, including nickel, which is famous because of electric vehicles. 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 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. We had a frenzy based on speculation that accelerated on Monday and Tuesday. The company paid at least some of its margin calls early on Monday, according to a person familiar with the matter. 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