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. Many traders expect the price to return to more normal levels once the margin call chaos has been resolved. Tsingshan is also NIC's majority shareholder with a 21.15% stake through Shanghai Decent Investment. It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. Reuters could not determine how large Tsingshan's short position currently is after it cut its exposure. For non-personal use or to order multiple copies, please contact At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. Metal industry sources said that for the duration of the standstill agreement Tsingshan, the world's largest nickel producer, may not have to buy any more metal to cover its short positions. The creditors involved include both local and intentional banks, including J.P. Morgan and China Construction Bank . 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. Given that JPMorgan was reported as the biggest trading counterparty against which Tsingshans nickel trades were made, the US bank led the subsequent agreement to arrange a rescue credit facility, secured from various lenders, including China Construction Bank (CCB), to help the Chinese nickel giant address its immediate liquidity squeeze. See here for a complete list of exchanges and delays. The metal is found in all our homes as a key ingredient of 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 super spike was driven by holders of short positions, including Tsingshan and its brokers, rushing to close them out. It said the banks agreed not to make margin calls or close out their positions against Tsingshan while the company is resolving its nickel margin and settlement requirements. 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. Short-covering trades made last week by the Chinese billionaire contributed to a swift, huge surge. Tsingshan sold 200,000 ton March 2023 contracts at price of $20 per kilo. The Companys registered office is at Bahamas Financial Centre, 3rd Floor, Shirley and Charlotte Street, P.O. Tsingshan, among other Chinese companies, is ramping up a wave of new battery-grade nickel capacity in Indonesia. Just after 6 a.m., the price of nickel passed US$100,000 a ton. The current events are unprecedented, LME said in a notice. The LME did not put it into default, instead giving it more time to pay. LONDON, March 8 (Reuters) - China's Tsingshan Holding Group bought large amounts of nickel to reduce its short bets on the metal and its exposure to costly margin calls, turbocharging a record rally fuelled by the conflict in Ukraine, three sources familiar with the matter said. 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. LME CEO Matthew Chamberlain says suspending nickel trading and canceling the trades on the London Metal Exchange was the right decision for the sake of market stability. Late Tuesday, the exchange said it anticipates trading wont resume before Friday. Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. Nickel trading resumed on 16 March 2022. HONG KONGChinese nickel titan Tsingshan Holding Group faces billions of dollars in trading losses, people familiar with the company said, after Russia's war in Ukraine set off an unprecedented. The unprecedented rally prompted the 145-year-old exchange to suspend nickel trading Tuesday. The difference is that nickel is a commodity that touches the entire global economy. Tsingshan Holdings has secured loan packages from various lenders, according to a Bloomberg report citing unnamed sources, following a record short squeeze that saw nickel prices more than double in hours earlier this week. If you rely on the information on this page then you do so entirely on your own risk. This weeks spike in prices has played out principally on the LME, and many traders expect the price to return to more normal levels once the margin call chaos has been resolved. Last chance for up to $40 off TurboTax, All Jeans + Pants 25% off! And that was just for the portion of the short position it held directly on the exchangeabout 30,000 tons. 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 . Tsingshan, a privately-held company, and other 'shorts' faced larger margin calls on their short bets after the LME raised the amount of money companies had to deposit with it to cover their exposure to falling nickel prices, the three sources said. For the fourth quarter, the company expects to generate "high single-digit. Mr Xiang began building the short position in part because he wanted to hedge rising output, but also because he believed the rally in nickel prices would fade this year. Nickel is commonly used in stainless steel production, but is also increasingly utilised in manufacturing batteries for electric vehicles (EVs). Only you can decide whether nickel is a good buy or not. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. As with similar short squeezes of the past, such as those involving GameStop and Volkswagen, a short squeeze occurs when a market participant borrows a certain volume of a security and sells it, hoping that its price will fall. The major market events for the week ahead right in your inbox. That put Tsingshans banks and brokers, which include JPMorgan Chase, BNP Paribas, and Standard Chartered,in a bind. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. NIC's operations and cash flow remained stable in 2022 despite Tsingshan's significant loss on its nickel short position in March 2022. It is up nearly 400% so far this year. The Chinese nickel tycoon whose big short position caused chaos reached a deal with his banks to avoid further margin calls, marking a key step toward restoring stability to the market after an unprecedented squeeze. Now they had to pay big margin calls on the exchange while receiving no margin from their client. 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. Matthew Chamberlain, the LMEs chief executive officer, had stayed up to watch. UNFORGIVEABLE,tweetedMark Thompson, a former trader at Trafigura and Apollo. Margin call ini membuat harga nikel meledak dan menembus US$ 100 ribu per ton dari hanya US$ 25 ribu per ton. Matthew Chamberlain speaks on "Bloomberg Markets: Europe.". While the exact scale of Mr Xiangs losses is unclear, Tsingshans short position on the London Metal Exchange is in the region of 100,000 tonnes of nickel, people familiar with the matter said. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Tsingshan, the world's largest stainless steel producer, is rumoured to have built a big short position in nickel before a 250% rally in [] All quotes delayed a minimum of 15 minutes. The majority of retail investor accounts lose money when trading CFDs. Our Standards: The Thomson Reuters Trust Principles. Our fundamental responsibility is market stability, he told Bloomberg TV. Not surprisingly, investors have not been particularly satisfied with the LMEs actionsor lack thereofin allowing this situation to transpire. You should never trade more than you can afford to lose. CCBI Global Markets is another creditor, two separate sources said. LME brokers and their clients were hit with margin call after margin call. Today, Tsingshan is the biggest nickel producer in the world, accounting for around 20% of the global market. After trading was suspended Tuesday following an unprecedented surge in prices, the London Metal Exchange said it does not expect nickel trading to resume before March 11. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. . In an earlier interview with Chinese news outlet Yicai, Xiang blamed "foreigners making some moves" for nickel's price spike. Tsingshan yang dimiliki oleh swasta secara harfiah memiliki arti "gunung hijau", berbasis di kota Wenzhou di China dan memiliki . See here for a complete list of exchanges and delays. Tsingshan's were even larger, numbering roughly US$3 billion, according to a Bloomberg calculation based on the company's total short positionwhich, even after Xiang . Pleased to report an extremely strong year for the Nickel Industries and the. (Podcast). [2] It moved into the Indonesian nickel industry in 2009. Assessing the Incremental Costs of Regulation and Supervision Faced by Next-Gen Operating Models for Bankers and Advisors, Macroprudential Policy and Real Estate Funds. 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. Then in . 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. losed Joint Stock Company FinTech Solutions. ), by sales channel (Direct Channel, Distribution Channel), by player (Shandong Xinhai Technology, Tsingshan Holding Group, Eramet, Linyi Yichen Alloy, Jiangsu Delong Nickel Industry . Xiang Guangda, who controls the worlds largest nickel producer, Tsingshan Holding, and is known as Big Shot in Chinese commodity circles, has closed out part of his companys short position and is considering whether to exit the wager altogether, the people said. our Subscriber Agreement and by copyright law. A Glencore spokesman declined to comment. Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. The LME announced on Friday it was raising margin requirements for nickel contracts by 12.5% to $2,250 a tonne. The arrangement will also help the pave the way for the London Metal Exchange to restart nickel trading, they said. 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. At $2,250 a tonne, the capital required on 300,000 tonnes of nickel would be $675 million, according to Reuters calculations. Tsingshan has been struggling to pay margin calls to its brokers, according to people familiar with the situation. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Our Standards: The Thomson Reuters Trust Principles. 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. It granted extra time on March 7th to CCBI Global, a Chinese broker for Tsingshan that is a member of the LME, to raise funds from its state-owned parent, China Construction Bank, to cover. But recent events have certainly injected a dose of volatility into the market. Chinese nickel giant at center of action, Tsingshan, received financial lifeline from banks to help meet margin calls related to $8 billion in paper losses Since Russia invaded Ukraine at the. But according to Bloomberg, the LME refrained from putting it into default, which allowed the broker to settle the margin calls the following day after several clients, including Tsingshan, received loans to cover their positions. He was awakened by a phone call at 5:30 a.m. It's been under growing pressure to meet the payments in recent days, the. At 1 a.m. on Tuesday, the market opened. 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. 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. This report studies the Ferronickel market, covering market size for segment by type (Ferronickel (Nickel15%), Ferronickel (Nickel15-25%), etc. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Box N-4865, Nassau, Bahamas. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. 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. 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. For the LME, the future isunclear. Is the Strength of Big Tech Regulation Sufficient at Present? Copyright | Tsingshan's nickel matte plans could be 1st step into lithium battery value chain. Tsingshans were even larger, numbering roughly US$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. The extra charge kicks in at close of business on Tuesday. This market frenzy all came to a head on March 8, when the LMEhaving allowed nickel prices to surge by around 250 percent in just a couple of days and reach an all-time high of $101,365/metric tonne (mt) in intra-day trading, which was more than double the $48,078/mt at which it closed the previous daysuspended all trading of nickel. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. Neither party seems very keen on this idea, however. Nickel short interest was created by Tsingshan. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The nickel market was anything but calm. Read on for our analysis on the recent LME nickel short squeeze and the market outlook. read more. Short-covering trades made last week by the Chinese billionaire contributed to a swift, huge surge. 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. The frenzied move the largest-ever on the LME came as investors and industrial users who had sold the metal scrambled to buy the contracts back after prices initially rallied on concerns . Some aggrieved traders are already preparing to take legal action against the exchange. Continue reading your article witha WSJ subscription, Already a member? However, the short position holders have to pay a margin. Assessing the Incremental Costs of Regulation and Supervision Faced by EU Banks Compared to Their US Peers, Interview with Mr. lvaro Saboro, Chief Executive Officer, Grupo Financiero BCT. 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. 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. The paper loss stood at $8 billion on Monday, before violent moves in nickel prices led the London Metal Exchange to suspend trading in the metal on Tuesday, one of the people said. The material provided on this website is for information purposes only and should not be understood as an investment advice. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. If you are considering investing or trading nickel, its important to do your own research. 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. 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. The question is, will it continue to fail? Ghali posited to CNN. Nevertheless, the short squeeze did trigger a whopping $8 billion margin call on Guangda. 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. Tsingshan Holding Group held the biggest short position for nickel on the LME. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. Challenges Remain, But There Are Opportunities to Be Interview with Mr. Olukayode Pitan, Chief Executive Officer Unemployment in South Africa: Urgent Attention Required, The US-Africa Leaders Summit: Fostering a Closer Relationship with the Continent, Agenda BC#: Innovation and Inclusion in the Brazilian Financial System, Why Fertiliser Prices Have Been So Volatile This Year. Most analysts sided with Xiang, at least in the medium term, believing that nickel productionled by Tsingshan and its competitors in Indonesiawould outpace demand. When it was flying towards US$100,000, you could feel the damage, and you knew companies were fighting for their existence, says John Browning, founding partner of brokerage Bands Financial Ltd. and a former LME board member. 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. 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 . Its nickel matte production in Indonesia is nearly 8,000 tonnes per month, according to the Shanghai Securities News. The price spike left Tsingshan exposed to $8 billion USD of trading losses whilst struggling to meet their margin calls. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, 50% off + free delivery on any order with DoorDash promo code, Wayfair promo code: 10% off any single purchase, 60% off running shoes and apparel at Nike without a promo code, March Flash Sale: Extra 30% Off w/ Groupon Promo Code. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. Undeterred, the Chinese tycoon has told banks he wants tomaintain his position, and has asked them to keep funding him despite the losses. Subsequent reports suggested that only one-fifth of Tsingshans total nickel exposure was visible to the exchange; the rest was held in private over-the-counter trades with banks including JPMorgan Chase, BNP Paribas, Standard Chartered and United Overseas Bank Ltd. As such, Guangda was aiming for his massive short position to dominate the market and send the LME nickel price down. Its also one of the most important raw materials needed inmaking batteriesfor electric vehicles. 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