For a while, it wasunclear which view of the market would prevail. Copper. Your email address will not be published. . It traded briefly above $100,000 a ton early on Tuesday. Earlier this week, nickel prices in London spiked byas much as 250%in little more than 24 hours. Discovery of the deposits is credited to Murray Edmund Watts in 1931 or 1932. The company has assured creditor banks in China that its . Sign up to get it every weekday morning. (By Jack Farchy, Alfred Cang and Mark Burton, with assistance from Sridhar Natarajan), Your email address will not be published. Nickel is a raw material that is characterized by exceptional resistance and special properties, thanks to which it has many applications. Baar, Zug, Switzerland. Xiang didnt believe the rally would last. The LMEs special committee held another call at about 6am. In the short term, a package of loans from Chinese and international banks will help Tsingshan meet its immediate liquidity squeeze. INF News.com. 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. Glencore's disclosure follows a forecast earlier this month that there needs to be greater investment in nickel production, even though the short-term picture suggests there will be a glut of the metal. On this day, however, metal traders were glued to a screen, watching the price action on the electronic market, which was already open to accommodate Asian trading. The dollar hit a one-week low earlier Wednesday after China's yuan gained. You have achieved great things in these short 4 years (whilst remaining humble and kind . Were sorry, this feature is currently unavailable. Nickel prices doubled on Tuesday and briefly rose above a record $100,000 a tonne as banks and brokers rushed to close part of a huge position amassed by Xiang Guangda, the billionaire founder of . View analysts price targets for GLEN or view top-rated stocks among Wall Street analysts. This suggests a possible upside of 27.1% from the stock's current price. Those moves sent nickel to a record high of more than $100,000 a ton on Tuesday beforetrading was suspended. Nickels price moved sharply higher in the week after Russias invasion. The wild rise of nickel drew comparisons to the short squeezes in meme stocks such as GameStop that gripped retail investors for much of last year. Investors who had booked trades during the chaotic session in the early hours of Tuesday were furious. 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. 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. In cobalt, a Chinese state-owned firm is also quite large, but Glencore is still the largest producer of cobalt in the free world. Toronto, Ontario-- (Newsfile Corp. - March 1, 2023) - Mink Ventures Corporation. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to . Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Then, as now, a key factor was the intervention of the exchange. Nickel Rim South Mine. 1. 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. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. Sep 2021 - Present1 year 5 months. 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 exchangeunder review. Learn how we produce copper and the uses it is put to. Remember, when prices move up, traders such as Xiang who have sold futures contracts face margin calls; they must put up more cash to cover potential losses. He started increasing his short position on the London Metal Exchange. The LME at the end of the day is a physical metal market, he says. 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 . For a while, it was unclear which view of the market would prevail. Matthew Chamberlain, the LMEs chief executive officer, had stayed up to watch. 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. 389 8 Comments. But today things have reversed, that is, Tsingshan Group has prepared 200,000 . You will be able to view the post at https://dtmagazine.com/money724-302022.php#wrap in the Precious Metals section. If you don't see the email, check your junk, spam or other folders. Then came a geopolitical crisis that caught him unawares. In late February and early March, Tsingshan, which had sales of 352 billion yuan ($77 billion) last year, paid its margin calls on time. Finance > Capital-markets. 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 . Nickel prices had been rising for weeks, amid fears that supplies from Russia the largest exporter of refined nickel would be disrupted if the countryinvaded Ukraine. The 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. And when those wagers move violently in the opposite direction, they can be hit with huge margin calls, or requests to put down more cash to back their trades. Glencore Nikkelverk AS has a modern and complex processing system. Located in Kristiansand, Nikkelverk is the largest nickel refinery in the western world producing high-quality nickel and cobalt. Glencore will give almost 6bn to shareholders after the mining and commodities company reported record pre-tax profits of more than 28bn in 2022 . 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. It was 5.42 am on March 8 in London when the nickel market broke. While few observers believed Xiang could reach that level of production, he was confident. Glencore Ordered to Pay $700 Million in US Over Bribery Case (Bloomberg) -- Glencore Plc was ordered by a federal judge in New York to pay $700 million as a criminal punishment for a global bribery scheme orchestrated by the Swiss-based commodities trading and mining giant.Most Read from BloombergElon Musk Regains His Spot as the World's Richest PersonHow to Get a Free Flight to Hong Kong in . Its unclear whether he will get his way. Provided short/mid/long/strategic schedules using Deswik. Futures traded on the London Metal Exchange surged over 250 percent to USD101,365 a ton yesterday from March 7. Some aggrieved traders are already preparing to take legal action against the exchange. 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 Group is the partner of Huayou that develops the nickel project. Tsingshans were even larger, numbering roughly $3 billion, according to a Bloomberg calculation based on the companys total short positionwhich, even after Xiang had closed out a portion of the bet in previous weeks, was over 150,000 tons. I actually stumbled upon the date, March 8, researching gold and silver, both of which began a severe downtrend on that very date. 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. Just after 6am, the price of nickel passed $US100,000 a tonne. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Born in 1958, he started out making frames for car doors and windows in Wenzhou, in eastern China. Evaporating liquidity. We have interests in a range of mining assets on four continents. Formerly called Companhia Vale do Rio Doce, Vale is a diversified multinational metals and mining company founded in 1942, and headquartered in Rio de Janeiro, Brazil. It was 5:42 a.m. on March 8 in London when the nickel market broke. Pemex Reports $9.4 Billion Loss as AMLO Fails to Revive Output . Like Comment Share. Its also one of the most important raw materials needed in making batteries for electric vehicles. MMC Norilsk Nickel Recent Development 11.3 Glencore 11.3.1 Glencore Company Detail 11.3.2 Glencore Business Overview 11.3.3 Glencore Nickel Mining . 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 . 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. 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. 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. That put Tsingshans banks and brokers, which include JPMorgan Chase, BNP Paribas, and Standard Chartered, in a bind. https://bbgvod-azure-us-east1-zenko.global.ssl.fastly.net/vod/vod/m/ODg0NDM2Mg/Q2xvdWRfNTgyODY2/3fb888db-fa8e-42e4-b488-726dae69584b_150.mp4, Nickel price spike purely financial but Tsingshan effect could linger, EV Nickels stock soars after announcing enormous maiden mineral resource in Ontario, Iron ore price jumps on China data, bullish steel demand outlook, Copper price rises as Chinas economy shows strong recovery, Gold price hits 1-week high on robust China economic data, Musk tamps down speculation that Tesla will mine lithium, Monumental shift in way junior mining stocks are valued is coming, Advance Lithium in joint venture talks with Mexicos national lithium company, Goldman warns carmakers against buying miners: It always end in tears. Glencore Nickel. But while the short squeeze has weighed on Tsingshan's . Excellent coverage of an earth-shaking event. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. . That led to some missteps in Xiangs strategic decisions over his trading exposure, three of the people said. The company had plans to produce 850,000 tons of nickel in 2022, an increase of 40% in a year, according to a person briefed on them. MINK. Vale is the world's largest producer of nickel, one of the most versatile metals in existence. 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. WATCH: The Chinese tycoon, known as Big Shot in commodities circles is said to be facing billions of losses. Nickel boosts the energy within batteries and, at the same time, allows battery makers to reduce the use of more expensive cobalt. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. Nickel is mainly used in the production of stainless steel because it improves its strength and resistance to corrosion. 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 . Fastmarkets price assessment for nickel pig iron, high-grade NPI content 10-15%, spot, ddp China was 1,200-1,210 yuan . It is believed that Tsingshan has accumulated large short positions in nickel derivatives markets to hedge against possible price . 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. Already at an all-time high by 5:42 a.m., it lurched higher in stomach-churning leaps, soaring $30,000 in a matter of minutes. (" Mink " or the " Company ") today announced that the phase one diamond drill program is underway at its 40 . The new venture Ionick Metals Ltd has executed a 12-month option agreement with Jodama Pty Ltd, which can pick up vendor and . Raglan Mine is a nickel-copper operation located in the Arctic region at the extreme limit of northern Quebec. 2023 Glacier Media Group, All Rights Reserved. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. Trafigura Lines Up Russia Aluminum Deal in Challenge to Glencore. 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. Elon Musk wanted to buy 10-20% of Glencore, but refused to. But the effects of the short squeeze are likely to be felt in other ways. They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. That put Tsingshans banks and brokers, which includeJPMorgan Chase,BNP Paribas, andStandard Chartered,in a bind. 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. The company has a diversified basket of commodities, including nickel, which is famous because of electric vehicles. The difference is that nickel is a commodity that touches the entire global economy. For the LME, the future isunclear. Most analysts sided with Xiang, at least in the medium term, believing that nickel productionled by Tsingshan and its competitors in Indonesiawould outpace demand. Crucially, the decision meant traders wouldnt need to pay margin calls on the basis of the $80,000 nickel price. 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. 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. Then on March 7, nickels price began its parabolic ascent, surging from $US30,000 a tonne to more than $US50,000. 6 kt/a nickel in concentrate). Nickels price moved sharply higher in the week after Russias military invasion. The latest price was A$0.04 (25-minute delay). Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. Nickels 250% price spike in little more than 24 hours plunged the industry into chaos, triggering billions of dollars in losses for traders who bet the wrong way and leading theLondon Metal Exchangeto suspend trading for the first time in three decades. Now, the traders watched with a mixture of horror and grim fascination as the price went vertical. Several large brokers got margin calls of close to $US1 billion each over the course of the day. Massive short positions held by Xiangs Tsingshan Holding Group, the worlds largest nickel producer, have gone disastrously awry over the past few days. For the LME to cancel nickel trades between willing buyers and sellers is unforgiveable. 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. Already at an all-time high by 5.42am, it lurched higher in leaps, soaring $US30,000 in a matter of minutes. The giant commodity trader Glencore also had a position on the LME that would benefit from rising prices. It marked the first major market failure sinceRussias invasion of Ukrainejolted global markets, showing how the removal of one of the worlds largest exporters of resources from the financial system in the space of weeks is having ripple effects across the world. Poseidon Nickel stock opened the day at A$0.04 after a previous close of A$0.04. The LME convened its special committee, a small group of metals and legal experts with the power to issue emergency rules for the market. While Russias nickel exports havent been targeted by sanctions, US and European buyers have nonetheless sought alternatives to Russian sources. this week's short squeeze is nonetheless likely to push . Cobalt. Enter the code below to reset your password. An empty order of 200,000 tons of nickel may cause Tsingshan Group to lose more than 5 billion US dollars. Despite the recent upheaval, his company still remains the biggest in the nickel industry. Shares in metal recycler Sims Metals hit an 11-year high of $19.55 today following a price target increase by UBS analyst Lee Power on Tuesday from $18.90 to $20.30. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. Four or five of the brokerages that are LME members would have failed, a shock that could have devastated the global metals industry. Miners, traders, and manufacturers often use the market to make short bets that is, to make money when prices fall. Tsingshans nickel doesnt match the grade used in settlement on the LME, so the contracts arent a perfect hedge. In theory, there should be two options for this 200,000 tons of nickel short order: 1. But its obligations dwarfed its available cash and bank credit. Explore the latest reports and results, including financial results, production reports and our annual report. LME brokers and their clients were hit with margin call after margin call. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. People forgot that this isnt a video game retailer; its an important physical commodity. Qingshan Holding Group,Nickel,Futures Contract, Paris Looms as Europe's Largest Financial Market, French Economy Minister Says, Alibaba, Spain's El Corte Ingles Department Store Ally on Digital Retail, China's GEM to Supply 100,000 Tons of Lithium Battery Materials to Korea's Ecopro, Toshiba Home Appliances Returns to Profit After Midea Takeover, Chairman Says, How AR is Poised to Change Business Forever. Glencore's original trading business is still a powerhouse and is . Now, people familiar with the matter say, the exchange is likely to introduce such measures as position limits and greater transparency. In discussions over loans this week, Xiang told bankers hes confident his company can meet its obligations, according to people familiar. Stainless steel with nickel content is omnipresent, for example in buildings, bridges and kitchen appliances. 2W - 6W. Shanghai's most-traded nickel futures contract . In the short term, apackage of loansfrom Chinese and international banks will help Tsingshan meet its immediate liquidity squeeze. LMEs Chamberlain defended cancelling the trades. The two major mining companies in Sudbury are working together to . Our nickel operations are in Canada, Australia, Norway, and New . gold and silver, amounted to 809 and 31 516 tons, respectively. Canada Nickel Company Inc. $1.24. 39 000 MT. 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 . As Russias invasion of Ukraine pushed up prices, short-position holders including Tsingshan scrambled to trimtheir bets. 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. 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. Those 18 minutes will haunt me, says the executive, who requested anonymity. Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. Glencore plc was newly . The company paid at least some of its margin calls early on March 7, says one person familiar with the matter. It was 5.42 am on March 8 in London when the nickel market broke. 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