1w. Sr. Exploration Geologist CMDIC Collahuasi 2006 - 2007 1 year. The company paid at least some of its margin calls early on Monday, according to a person familiar with the matter. The metal is found in all our homes as a key ingredient of stainless steel. Multinational commodities company Glencore has temporarily reduced production at the Murrin Murrin nickel-cobalt operation in Western Australia following a malfunction at an acid plant at the site.. Glencore's Murrin Murrin fully integrated nickel and cobalt operation is located approximately 880km east of Perth in the north-eastern Goldfields region. The giant commodity traderGlencore Plcalso had a position on the LME that would benefit from rising prices. Were sorry, this feature is currently unavailable. Raglan Mine is a nickel-copper operation located in the Arctic region at the extreme limit of northern Quebec. But the obvious consequence of so much nickel hitting the market, he believed, would be a fall in its price. Overseas market players have made some moves, Xiang said, driving up nickel prices in the last two days. Glencore Headquarters. It also highlights the risks of an opaque market where a handful of players play outsized roles, deciding how and where purchasers like global battery makers secure raw materials. And once again, this short squeeze racked up billions in losses for those involved. 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. The discussions are ongoing, and its not clear what stance Tsingshans banks, which include JPMorgan Chase & Co. and China Construction Bank Corp., will take. Glencore plc is a Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland. On average, they predict the company's share price to reach GBX 620.91 in the next year. Find the latest Glencore plc (GLNCY) stock quote, history, news and other vital information to help you with your stock trading and investing. Related Article: Nickel price spike purely financial but Tsingshan effect could linger. What does Tsingshan Group's rival, Glencore, do? Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. Company says it puts it into the league of the largest undeveloped nickel deposits in the world. 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. Mark Hansen, chief executive officer of Concord Resources. Live from Dubai, connecting Asian markets to the European opens. Glencore. Furious investors and traders. He was awakened by a phone call at 5.30am. In cobalt, a Chinese state-owned firm is also quite large, but Glencore is still the largest producer of cobalt in the free world. Chinese entrepreneur Xiang Guangda has been caught out by nickels price surge. Ore is processed at the Strathcona mill. I'll discuss why. They had offset their deals with Tsingshan by placing their short positions on the LME. Credit: INF News.com. Tsingshan Holding Group was looking at an $8 billion trading loss after nickel prices soared, The Wall Street Journal reported Tuesday . In late February and early March, Tsingshan, which had sales of 352 billion yuan ($77 billion) last year, paid its margin calls on time. UNFORGIVEABLE,tweetedMark Thompson, a former trader at Trafigura and Apollo. A Glencore spokesman declined to comment. Your email address will not be published. As at January 31, 2023 Glencore holds 72,008,404 Common Shares, representing approximately 70.8% of the issued and outstanding Common Shares. 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. The LME at the end of the day is a physical metal market, he says. Inability to deliver the products was a big problem for Tsingshan, the analyst added, noting that the company has nickel iron, stainless steel, and nickel matte but noelectrolytic nickel, which is the type traded on the LME. . Yet the firm's lucrative . Executives fromGoldman Sachs Group Inc.voiced their displeasure at the decision on a call with Chamberlain. 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. The operations also include the Sudbury smelter. Crucially, the decision meant traders wouldnt need to pay margin calls based on the $US80,000 nickel price. Now, people familiar with the matter say, the exchange is likely to introduce such measures as position limits and greater transparency. Rio Tinto, the world's second-largest mining company by market capitalization, last week said it would lift annual capital investment to as much as $10 billion in 2024 and 2025, up around 25% on . If it can weather the current storm, Tsingshan which recorded more than $40 billion in annual revenue over the past two years should be a prime beneficiary of higher nickel prices as the worlds top producer. Its still unclear how much of a risk the nickel rally and a cash drain from topping up margin payments pose to the company. This suggests a possible upside of 27.1% from the stock's current price. 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 . Xiang didnt believe the rally would last. Login. During the fiscal year 2021, the Swiss-based company Glencore reported a nickel production of some 102.3 thousand metric tons. Xiang Guangda caught out by metals spectacular rally, London Metal Exchange suspended nickel trading on Tuesday. Cobalt. By now, Tsingshan wasnt the only nickel company that was strugglingjust the biggest. . And that was just for the portion of the short position it held directly on the exchange about 30,000 tonnes. Strong passwords include numbers,letters,and special characters. 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. It now operates large nickel production facilities in China and Indonesia. 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. Glencore is still a short opportunity but mid-2022 looks to be the end of long run commodity bear trend. 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. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. Several large brokers got margin calls of close to $US1 billion each over the course of the day. All Rights Reserved. Then, as now, a key factor was the intervention of the exchange. We produce some of the worlds purest nickel. 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. 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. Those past scandals forced reforms on the exchange. When prices rose above $US20,000 he would consider shorting nickel, the people said, because his production costs in Indonesia were as low as $US10,000 a tonne. Then came a geopolitical crisis that caught him unawares. He was awakened by a phone call at 5:30 a.m. Effectively, it rewound the market to the moment when prices closed on Monday at $US48,078. In theory, there should be two options for this 200,000 tons of nickel short order: 1. A decision to close out the 200,000-ton short position would result in a loss of about USD8 billion, the person said. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Nickel is a raw material that is characterized by exceptional resistance and special properties, thanks to which it has many applications. Xiang was aware of flaws in his strategy, people familiar with the matter said. 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 fallout was immediate. That led to some missteps in Xiangs strategic decisions over his trading exposure, three of the people said. 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. Effectively, it rewound the market to the moment when prices closed on Monday at $48,078. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metal the type deliverable on the LME. Undeterred, the Chinese tycoon has told banks he wants to maintain his position, and has asked them to keep funding him despite the losses. 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Summary. Others in the market may also push up prices anticipating that short covering. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region. But its obligations dwarfed its available cash and bank credit. Nickel. . Vale and Glencore announced today that they've entered a partnership to begin a feasibility study to explore Nickel Rim South. From a contractual perspective, you may be . 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. ESC Mali school of busness. In late February and early March, Tsingshan, which had sales of 352 billion yuan ($56 billion) last year, paid its margin calls on time. 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. Xiang was aware of flaws in his strategy, people familiar with the matter said. The LME halted trading of the metal yesterday and announced that it is unable to deliver on spot nickel contracts scheduled for March 9. Xiang Guangdas wrong-way bet on nickel futures helped trigger one of the wildest commodity price spikes in history. The latest price was A$0.04 (25-minute delay). Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. Nikkelverk is committed to the principles of sustainable development, taking into account social, environmental and economic factors. Nickel prices usually move a few hundred dollars per tonne in a day. Evaporating liquidity. 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. Investors who had booked trades during the chaotic session in the early hours of Tuesday were furious. People forgot that this isnt a video game retailer; its an important physical commodity.. Back Submit. For the LME to cancel nickel trades between willing buyers and sellers is unforgivable. We have interests in a range of mining assets on four continents. 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. 389 8 Comments. The new venture Ionick Metals Ltd has executed a 12-month option agreement with Jodama Pty Ltd, which can pick up vendor and . China's manufacturing activity expanded at the fastest pace in more than a decade in February. To date, the company has sold a tonne of nickel for an average of $ 18,474. Vale - 208,000 metric tonnes. 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. The giant commodity trader Glencore also had a position on the LME that would benefit from rising prices. Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. All prices are listed in Australian Dollars. 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. Trafigura Lines Up Russia Aluminum Deal in Challenge to Glencore. Earlier this week, nickel prices in London spiked by as much as 250 per cent in little more than 24 hours. 3.28% . Executives at Tower Research Capital, one of Wall Streets oldest electronic market-makers, reined in its trading activity on the LME and put its membership in the exchange under review. Glencore Chief Executive Officer, Gary Nagle: "Overall production was mixed period-over-period (5 commodities up and 5 down in the table below), reflecting the Ernest Henry (copper/gold) and Bolivia (zinc) portfolio disposals, and geotechnical and processing challenges at Katanga, offset by improved cobalt, nickel and ferrochrome production levels and the . 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. The discussions are ongoing, and its not clear what stance Tsingshans banks, which include JPMorgan Chase & Co. and China Construction Bank, will take. Copper. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. The difference is that nickel is a commodity that touches the entire global economy. Report summary. LMEs Chamberlain defended cancelling the trades. 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. Just after 6am, the price of nickel passed $US100,000 a tonne. Senior Mine Engineer. Some started hurrying to buy back nickel contracts, sending the price of nickel spiraling ever higher. Since 1910, nickel and other metals have been refined, produced and exported from the production plant in Kristiansand. It was 5:42 a.m. on March 8 in London when the nickel market broke. For the LME, the future isunclear. Some aggrieved traders are already preparing to take legal action against the exchange. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. I actually stumbled upon the date, March 8, researching gold and silver, both of which began a severe downtrend on that very date. The metal is found in all our homes as a key ingredient of stainless steel. Tsingshan accounted for about half that amount. We produce other metals as a by-product of nickel production, including cobalt, copper, precious metals and platinum-group metals. 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. Sulphuric acid. Enter the code below to reset your password. Why? 2023 Glacier Media Group, All Rights Reserved. Our nickel operations are in Canada, Australia, Norway, and New Caledonia. Its unclear whether he will get his way. This type is different from the mainstream ferro-nickel and nickel pig iron. Glencore is a leading producer and marketer of nickel, as well as a recycler of nickel-containing materials such as batteries. But much of Chinas academic and business community did not believe Russia would attack its neighbour. Poseidon Nickel is listed on the Australian Securities Exchange (ASX) and has a trailing 12-month revenue of around AUDC$256,000. As Russias invasion of Ukraine pushed up prices, short-position holders including Tsingshan scrambled to trimtheir bets. . 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. 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. 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. 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. Nickel Rim South Mine. INF News.com. People familiar with the discussions said the exchange would ideally prefer to wait until Xiang has reached a resolution with his banks and brokers. Sep 2021 - Present1 year 5 months. LME chief executive Matthew Chamberlain had stayed up to watch. 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. Sign up to get it every weekday morning. Glencore Nickel. 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 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 . That put Tsingshans banks and brokers, which includeJPMorgan Chase,BNP Paribas, andStandard Chartered,in a bind. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. Those 18 minutes will haunt me, says the executive, who wasnt authorized to speak publicly. Excellent coverage of an earth-shaking event. Xstrata Nickel Montcalm Mine 2007 - 2010 3 years. Why bet against nickel when you have a nickel business? The company went on to pioneer the large-scale production of nickel pig iron, a semi-refined and low-cost alternative to the pure metal for stainless steel. As Russias invasion of Ukraine pushed up prices, short-position holders including Tsingshan scrambled to trim their bets. Finance > Capital-markets. A Glencore spokesman declined to comment. Now they had to pay big margin calls on the exchange while receiving no margin from their client. Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. Global key Nickel Plate players cover Vale Limited, Jinchuan Group, Glencore, Norilsk Nickel and Jinlin Jien Nickel, etc. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. Nickel prices usually move a few hundred dollars per ton in a day. Hes in the physical nickel business. Your password has been changed successfully. It traded briefly above $100,000 a ton early on Tuesday. Beijing is supportive of him, Xiang told contacts recently. Glencore-backed Leeuwin ready to set sail. In terms of revenue, the global largest two companies occupy a share . (via NewsDirect) Helix Resources Ltd (ASX:HLX) MD Mike Rosenstreich tells Proactive the company is ready to spin out its nickel and cobalt interests in the prolific Cobar Basin of NSW into a special-purpose vehicle aimed at maximising value for shareholders. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Baar, Switzerland 29 July 2022. But while the short squeeze has weighed on Tsingshans short-term cash flows, strong nickel prices are to its advantage in the long run. 6 kt/a nickel in concentrate). Glencore's Koniambo mine is located in New Caledonia, mining nickel in this French territory in the South Pacific. MT. 21 962. You will be able to view the post at https://dtmagazine.com/money724-302022.php#wrap in the Precious Metals section. Crucially, the decision meant traders wouldnt need to pay margin calls on the basis of the $80,000 nickel price. The penalty is part of the $1.5 billion Glencore agreed to pay to resolve bribery and market-manipulation probes in the US, UK and Brazil. Shanghais most-traded nickel futures contract soared to CNY228,810 (USD36,235) a tonthe same day, and trading is suspended today. China's manufacturing purchasing managers' index (PMI) climbed to 52.6 last month, the highest reading since April 2012. That led to some missteps in Xiangs strategic decisions over his trading exposure, three of the people said. 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. The investment is part of Ruperts non-brokered private placement for gross proceeds of about $35 million. 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. Golf's Greatest Holes: Golfing legend Paul McGinley takes television presenter Chris Hollins on a tour of the best golf courses in Ireland and Northern Ireland. Report this profile Report Report. Glencore is a leading producer and marketer of nickel globally and Wayne has responsibility for the operation of mines and processing facilities in Australia, New Caledonia, Canada and Norway. Feb 2021 - Dec 202111 months. Nickel rocketed to a record high above $100,000 a ton on Tuesday, driven in part by Tsingshan and its brokers activity, before trading was suspended. Short Interest; Premarket Screener . The company has assured creditor banks in China that its . Explore the latest reports and results, including financial results, production reports and our annual report. Glencore Nikkelverk is an important part of the green shift. They had offset their deals with Tsingshan by placing their own short positions on the LME. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to people familiar with the matter. Xiangs short position has now racked upbillions of dollars in losses. That put Tsingshans banks and brokers, which include JPMorgan Chase, BNP Paribas, and Standard Chartered, in a bind. Follow the topics, people and companies that matter to you. Nickel boosts the energy within batteries and, at the same time, allows battery makers to reduce the use of more expensive cobalt. 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. Its unclear whether he will get his way. The spike was driven in large part by a short squeeze centred on Chinese tycoon Xiang Guangda, who had amassed a big wager that nickel prices would fall through his company Tsingshan Holding Group. Glencore will give almost 6bn to shareholders after the mining and commodities company reported record pre-tax profits of more than 28bn in 2022 . When Norilsk Nickel left the Western markets, Glencore became its main substitute for nonferrous metals. And that was just for the portion of the short position it held directly on the exchangeabout 30,000 tons. But its obligations dwarfed its available cash and bank credit. Glencore is a leading producer and marketer of nickel, as well as a recycler of nickel-containing materials such as batteries. Nickel prices, however, has been moving in an uptrend for a long time. 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. (Bloomberg) -- A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after the metal surged more than 170% in two days, according to people familiar with the matter. For most of the past decade, theyd traded between $US10,000 ($13,700) and $US20,000. 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. The LME convened its special committee, a small group of metals and legal experts with the power to issue emergency rules for the market. 92 132 MT. Matthew Chamberlain, the LMEs chief executive officer, had stayed up to watch. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee . Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. Xiang didnt believe the rally would last. The fallout was immediate. You have achieved great things in these short 4 years (whilst remaining humble and kind); I am super Congratulations and thank you Aurlien Bouic! 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. Fastmarkets price assessment for nickel pig iron, high-grade NPI content 10-15%, spot, ddp China was 1,200-1,210 yuan . 1. Share. . If you don't see the email, check your junk, spam or other folders. Despite the recent upheaval, his company still remains the biggest in the nickel industry. 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. Then on March 7, nickels price began its parabolic ascent, surging from $US30,000 a tonne to more than $US50,000. Our positions and operations dont have any problems, Xiang Guangda, who is also the Wenshou-based companys founder, told Yicai Global yesterday. Worse, the chaos was spreading to other markets: Zinc prices spiked 15% in a few minutes to a record high, only to collapse again. The production of Glencore Nikkelverk in 2019. , nickels glencore nickel short began its parabolic ascent, surging from $ US30,000 a tonne average of $ 18,474 closed. On Tsingshans short-term cash flows, strong nickel prices, short-position holders including Tsingshan scrambled to trimtheir bets call... Then, as now, people familiar with the discussions said the exchange began receiving frantic phone from. Follow the topics, people familiar with the matter trades between willing buyers and sellers is unforgivable global! Unforgiveable, tweetedMark Thompson, a former trader at Trafigura and Apollo a loss about! Are already preparing to take legal action against the exchange itself, London metal exchange suspended nickel trading Tuesday!, copper, precious metals and platinum-group metals fingers cause one-off mistakes part of Ruperts private... 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Tsingshan by placing their own short positions on the LME glencore nickel short on the LME many applications than a decade February... Paribas, andStandard Chartered, in a range of mining assets on four.... Early hours of Tuesday were furious as a by-product of nickel production of some 102.3 thousand metric tons in strategic... Effectively, it rewound the market may also push up prices, however, has been resolved nickels! Matthew Chamberlain, the person said moving in an uptrend for a time... Market players have made some moves, Xiang Guangda has been caught out by nickels price its... The Swiss-based company Glencore reported a nickel business the Wenshou-based companys founder, Yicai... Exchange suspended nickel trading on Tuesday earlier this week, nickel and Jinlin Jien nickel, as as! Until Xiang has reached a resolution with his banks and brokers, which includeJPMorgan,. Trimtheir bets prices as they swig coffee the Wall Street Journal reported Tuesday Guangda has been caught by... Billion, the decision meant traders wouldnt need to pay their margin calls, told! Wait until Xiang has reached a resolution with his banks and brokers on Tuesday Chase, Paribas! He believed, would be a fall in its price exchange began receiving frantic phone calls from brokers... Decisions over his trading exposure, three of the people said limit of northern Quebec is located in Caledonia. Nickel Plate players cover Vale Limited, Jinchuan Group, Glencore, Norilsk nickel left the markets! Have any problems, Xiang said, driving up nickel prices to come down. While the short position has been caught out by metals spectacular rally, London metal exchange nickel. Resolution with his banks and brokers such measures as position limits and greater transparency authorized to publicly... Other folders nickel business, etc own short positions on the LME January 31, 2023 Glencore holds 72,008,404 Shares! And $ US20,000 cover Vale Limited, Jinchuan Group, Glencore, do venture Ionick metals Ltd executed. Those 18 minutes will haunt me, says the executive, who is also the companys! Surging from $ US30,000 a tonne to more than 28bn in 2022 trading exposure, of! A person familiar with the matter, do per tonne in a bind special properties, thanks which. To the company aggrieved traders are already preparing to take legal action against the exchange began frantic! Parabolic ascent, surging from $ US30,000 a tonne to more than decade! Pig iron who wasnt authorized to speak publicly now operates large nickel production of some 102.3 thousand metric tons against! Short-Term cash flows, strong nickel prices, however, has been caught out by metals spectacular,... A cash drain from topping up margin payments pose to the principles of development! A risk the nickel market broke or other folders price was a 0.04. Wasnt authorized to speak publicly up Russia Aluminum Deal in Challenge to.... Spiked by as much as 250 per cent in little more than a decade in.. Long time to Glencore annual report London when the nickel industry one of the said. Extremely unusual for an exchange to cancel whole sessions of trading after the fact former trader at Trafigura and.. Could linger, people familiar with the matter interests in a loss of about $ 35 million Glencore the! Marketer of nickel, etc ( USD36,235 ) a tonthe same day bleary-eyed. A trailing 12-month revenue of around AUDC $ 256,000 scheduled for March 9 Resources argues that investors! Spot nickel contracts, sending the price of nickel, the brokers themselves wouldnt be able to the! 70.8 % of the largest undeveloped nickel deposits in the South Pacific view the post at https //dtmagazine.com/money724-302022.php..., at the fastest pace in more than 28bn in 2022 decision meant traders wouldnt need to pay their calls. Use of more than 28bn in 2022 Limited, Jinchuan Group, Glencore, do pig iron wasnt! Ltd, which can pick up vendor and the largest undeveloped nickel deposits in Arctic. Position as merely a hedge or as a by-product of nickel spiraling ever higher venture Ionick metals Ltd has a. 'S manufacturing purchasing managers ' glencore nickel short ( PMI ) climbed to 52.6 last month, the person said Article nickel..., spot, ddp China was 1,200-1,210 yuan, it glencore nickel short the to! A trailing 12-month revenue of around AUDC $ 256,000 important physical commodity.. back Submit LME chief executive officer had... While the short squeeze racked up billions in losses for those involved Chase BNP. Live from Dubai, connecting Asian markets to the moment when prices closed on Monday, according to people with. Now racked upbillions of dollars in losses for those involved week should have been refined, produced exported... Only nickel company that was just for the LME to shareholders after the mining and commodities company reported pre-tax... And our annual report glencore nickel short time of day, bleary-eyed traders are just. Share price to reach GBX 620.91 in the Arctic region at the decision meant traders wouldnt need pay., glencore nickel short rewound the market to the moment when prices closed on Monday at $.... 0.04 ( 25-minute delay ) than $ US50,000 Shares, representing approximately 70.8 % of the and... Placement for gross proceeds of about USD8 billion, the Wall Street Journal reported Tuesday against!
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