Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. For the LME to cancel nickel trades between willing buyers and sellers is unforgivable. Executives from Goldman Sachs Group voiced their displeasure at the decision on a call with Chamberlain. Born in 1958, he started out making frames for car doors and windows in Wenzhou, in eastern China. Matthew Chamberlain, the LMEs chief executive officer, had stayed up to watch. Remember, when prices move up, traders like Xiang who have sold futures contracts face margin calls; they must put up more cash to cover potential losses. Its not just a casino. Feb 2021 - Dec 202111 months. The company paid at least some of its margin calls early on March 7, says one person familiar with the matter. The LME convened its special committee, a small group of metals and legal experts with the power to issue emergency rules for the market. 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. 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. Crucially, the decision meant traders wouldnt need to pay margin calls based on the $US80,000 nickel price. The metal is found in all our homes as a key ingredient of stainless steel. Last modified on Wed 15 Feb 2023 06.23 EST. Glencore is the world's biggest producer of cobalt, and is among the top three public copper companies and nickel companies. How Xiang got to this point is a story that encompasses Chinas emergence as a global economic behemoth. I see all automakers within a short time creating their own 4680 . By Lucy Battersby. 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. Tsingshan Group is the partner of Huayou that develops the nickel project. He started increasing his short position on the London Metal Exchange. Tsingshans nickel doesnt match the grade used in settlement on the LME, so the contracts arent a perfect hedge. Explore the latest reports and results, including financial results, production reports and our annual report. Crucially, the decision meant traders wouldnt need to pay margin calls on the basis of the $80,000 nickel price. Glencore's Koniambo mine is located in New Caledonia, mining nickel in this French territory in the South Pacific. China's manufacturing purchasing managers' index (PMI) climbed to 52.6 last month, the highest reading since April 2012. Several large brokers got margin calls of close to $1 billion each over the course of the day. Glencore is a leading producer and marketer of nickel, as well as a recycler of nickel-containing materials such as batteries. 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. Share. 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. Xiang Guangda caught out by metals spectacular rally, London Metal Exchange suspended nickel trading on Tuesday. Required fields are marked *. WATCH: The Chinese tycoon, known as Big Shot in commodities circles is said to be facing billions of losses. In the short term, a package of loans from Chinese and international banks will help Tsingshan meet its immediate liquidity squeeze. #GlencoreCopper #MetalOfTheFuture https://lnkd.in/eEqPmJn9. That put Tsingshans banks and brokers, which includeJPMorgan Chase,BNP Paribas, andStandard Chartered,in a bind. 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. 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 . Glencore plc is a Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland. Sudbury Integrated Nickel Operations are located in the Sudbury basin, northern Ontario, Canada. 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 . Your password has been changed successfully. 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. Some think this could herald the end of the exchange itself. Baar, Switzerland 29 July 2022. 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. Our positions and operations dont have any problems, Xiang Guangda, who is also the Wenshou-based companys founder, told Yicai Global yesterday. Nickel. 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. 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. Tsingshan accounted for about half that amount. Glencore Mine Raglan Feb 2014 - Mar 2018 4 years 2 months. Project manager for transition of Sudbury INO from CAMP to Deswik. 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. 6 kt/a nickel in concentrate). Tsingshan Group placed a short nickel order, and the matter of being shorted by the opponent was brushed off. While few observers believed Xiang could reach that level of production, he was confident. Production 2019. 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. Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. 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. Earlier this week, nickel prices in London spiked by as much as 250 per cent in little more than 24 hours. Glencore Nickel. Live from Dubai, connecting Asian markets to the European opens. Nickel prices surged to an all-time high on Tuesday, up roughly 250% in just two days, and forcing the London Metal Exchange to close trading. We're taking you for a deep dive into the world of copper - a versatile metal and important component for a low-carbon future. (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. Xiang was aware of flaws in his strategy, people familiar with the matter said. Our marketing business markets nickel and nickel concentrates, as well as by-products and ferronickel. For participants in commodities exchanges, a price rally is not necessarily good news. Miners, traders, and manufacturers often use the market to make short betsthat is, to make money when prices fall. articles a month for anyone to read, even non-subscribers! 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. And that was just for the portion of the short position it held directly on the exchange about 30,000 tonnes. Editors: Zhang Yushuo,Futura Costaglione, Nickel Price Spike Hasnt Hit Top Producers Market Positions, Operations, Tsingshan Chairman Says. Xstrata Nickel Montcalm Mine 2007 - 2010 3 years. The discussions are ongoing, and its not clear what stance Tsingshans banks, which include JPMorgan Chase & Co. and China Construction Bank, will take. But the effects of the short squeeze are likely to be felt in other ways. The giant commodity trader Glencore also had a position on the LME that would benefit from rising prices. By now, Tsingshan wasnt the only nickel company that was strugglingjust the biggest. UNFORGIVABLE, tweeted Mark Thompson, a former trader at Trafigura and Apollo. Then on March 7, nickels price began its parabolic ascent, surging from $30,000 a ton to more than $50,000. LME brokers and their clients were hit with margin call after margin call. Coal Department. Glencore will give almost 6bn to shareholders after the mining and commodities company reported record pre-tax profits of more than 28bn in 2022 . Its unclear whether he will get his way. Hes in the physical nickel business. And that was just for the portion of the short position it held directly on the exchangeabout 30,000 tons. Vale - 208,000 metric tonnes. Nickel Rim South Mine. Baar, Zug, Switzerland. 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. In terms of revenue, the global largest two companies occupy a share . 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. 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. Some started hurrying to buy back nickel contracts, sending the price of nickel spiraling ever higher. 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. 92 132 MT. 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. Nickel prices usually move a few hundred dollars per ton in a day. 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. That put Tsingshans banks and brokers, which include JPMorgan Chase, BNP Paribas, and Standard Chartered, in a bind. Our nickel operations are in Canada, Australia, Norway, and New Caledonia. 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. Anglo, which produced 59.3 million tonnes of iron ore last year, aims to halve its Scope 3 indirect emissions by 2040. 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Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. 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. 2017 - 2018 Yicai Global, Yicai Media Group. Still, contracts on the LME are backed by physical metal in a network of warehouses around the world, providing a direct link with the real-world metals industry. Poseidon Nickel is listed on the Australian Securities Exchange (ASX) and has a trailing 12-month revenue of around AUDC$256,000. Your email address will not be published. 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. Nickel is a raw material that is characterized by exceptional resistance and special properties, thanks to which it has many applications. Its still unclear how much of a risk the nickel rally and a cash drain from topping up margin payments pose to the company. Those 18 minutes will haunt me, says the executive, who wasnt authorized to speak publicly. 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. 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. 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. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metalthe type deliverable on the LME. Glencore has a short interest ratio ("days to cover") of 0.2, which is generally considered an acceptable ratio of short interest to trading volume. For participants in commodities exchanges, a price rally is not necessarily good news. Save my name, email, and website in this browser for the next time I comment. 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. They include: Koniambo is a large-scale integrated ferronickel mining and processing complex. Activity . Glencore. 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. Bloomberg Daybreak Middle East. Now they recognised that they had to suspend trading. The seeds of the epic short squeeze were sown last year, when nickel, like all commodities, was rallying from its COVID-19-era low. Sr. Exploration Geologist CMDIC Collahuasi 2006 - 2007 1 year. Nickel prices usually move a few hundred dollars per tonne in a day. Complete Glencore PLC ADR stock information by Barron's. View real-time GLNCY stock price and news, along with industry-best analysis. 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 . For most of the past decade, they'd traded between $10,000 and $20,000. Cobalt. Those moves sent nickel to a record high of more than $100,000 a ton on Tuesday beforetrading was suspended. 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. INF News.com. 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. Undeterred, the Chinese tycoon has told banks he wants to maintain his position, and has asked them to keep funding him despite the losses. 115 000 MT. 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. In theory, there should be two options for this 200,000 tons of nickel short order: 1. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. 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. The new venture Ionick Metals Ltd has executed a 12-month option agreement with Jodama Pty Ltd, which can pick up vendor and . If you don't see the email, check your junk, spam or other folders. In turn, the extraction of precious metals by the company in 2021, i.e. Those 18 minutes will haunt me, says the executive, who requested anonymity. Xiang didnt believe the rally would last. The Chinese government may also play a role. For the LME, the future isunclear. 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. Supervised survey and mine scheduling groups. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. The price was frozen, below the record high but still at $80,000 a ton. 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. At current prices, nickel would comprise 12% of Glencore's EBITDA. Nickel. 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. Xiang didnt believe the rally would last. Xiangs short position has now racked upbillions of dollars in losses. For Xiangs big short position, that was painful. Ore is processed at the Strathcona mill. Glencore-backed Leeuwin ready to set sail. 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. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. Glencore's original trading business is still a powerhouse and is . this week's short squeeze is nonetheless likely to push . This was the most disorderly move in a metal Ive seen in my career, says Mark Hansen, CEO of trading house Concord Resources. On Monday, a week after trading had been suspended, Xiang was close to securing a loan facility from JPMorgan Chase and other banks that would allow him to maintain his short position and could lead to the market reopening. 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. As of the evening of March 13, the LME had yet to announce a date for nickel trading to resume. China's manufacturing activity expanded at the fastest pace in more than a decade in February. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. 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. Nickel is also used in certain types of steel which lower magnetic properties. , Mar 23, 2022. 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 Copper. Canada Nickel Company Inc. $1.24. Tsingshan is an excellent Chinese enterprise.. It can produce 1.8 million tons of nickel alloy and its mine in Indonesia has an annual capacity of over 3.5 million tons. By now, the entire nickel industry was in crisis. 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. When it was flying towards $100,000, you could feel the damage, and you knew companies were fighting for their existence, says John Browning, founding partner of brokerageBands Financial Ltd.and a former LME board member. Please try again later. Now they had to pay big margin calls on the exchange while receiving no margin from their client. He blamed foreigners making some moves for nickels price spike in an interview with Chinese news outlet Yicai. 15 Feb 2023 06.23 EST being shorted by the opponent was brushed.. 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