For the LME to cancel nickel trades between willing buyers and sellers is unforgiveable. Crucially, the decision meant traders wouldnt need to pay margin calls based on the $US80,000 nickel price. . It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. Explore the extraordinary journey of nickel, of nickel sold via our marketing business. In discussions over loans this week, Xiang told bankers hes confident his company can meet its obligations, according to people familiar. As at January 31, 2023 Glencore holds 72,008,404 Common Shares, representing approximately 70.8% of the issued and outstanding Common Shares. Born in 1958, he started out making frames for car doors and windows in Wenzhou, in eastern China. Then, as now, a key factor was the intervention of the exchange. People forgot that this isnt a video game retailer; its an important physical commodity.. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. In theory, any price changes on the futures market should offset price changes in the value of the inventoriesas long as the traders canmeet their margin calls. 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. Major international companies like BHP Group Ltd. and Rio Tinto Plc hedge against currencies, commodity prices and interest rates on an as required basis. The LME canceled transactions and suspended trading Tuesday after nickel's price jumped 90% to $55,000 per metric ton Monday, and then leapt again to a record high of $100,000 the next day . Short Term. Then came a geopolitical crisis that caught him unawares. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. The fallout was immediate. Its still unclear how much of a risk the nickel rally and a cash drain from topping up margin payments pose to the company. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. All prices are listed in Australian Dollars. Nickel. 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. Others took to social media. 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 . Tsingshan mostlymakesstainless steelthat isused inthepetroleum, chemicals, auto,and other fields. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. What does Tsingshan Group's rival, Glencore, do? Your email address will not be published. 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 . We have interests in a range of mining assets on four continents. Nickel prices, however, has been moving in an uptrend for a long time. The company has assured creditor banks in China that its . Supervised survey and mine scheduling groups. Vale - 208,000 metric tonnes. Tsingshan is in touch with relevant parties and has the support of Chinese government departments and leaders, he added. The Chinese government may also play a role. Yet the day before, the market had started to unravel, with prices rising by astunning66% to $48,078. Xiang wanted to increase Tsingshans production dramatically by producing so-callednickel mattefor electric vehicle batteries. Activity . Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. 21 962. Now they recognised that they had to suspend trading. Still, the LME has weathered numerousscandalsbefore in its 145-year history, from a 1985crisis in the tin marketthat caused many brokers to go out of business to the incident when a trader at Sumitomo hid more than $2 billion in losses. Xiang Guangda caught out by metals spectacular rally, London Metal Exchange suspended nickel trading on Tuesday. Live from Dubai, connecting Asian markets to the European opens. Nickels price moved sharply higher in the week after Russias military invasion. Mark Hansen, chief executive officer of Concord Resources. But much of Chinas academic and business community did not believe Russia would attack its neighbour. 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. 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. 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. Login. For Xiangs big short position, that was painful. Located in Kristiansand, Nikkelverk is the largest nickel refinery in the western world producing high-quality nickel and cobalt. Bloomberg. Sep 2021 - Present1 year 5 months. Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. 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. Even at that level, clients of LME brokers had failed to pay some $500 million of margin calls in relation to their short positions on the exchange, according to a person familiar with the matter. But the effects of the short squeeze are likely to be felt in other ways. 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. 92 000 MT. The LME at the end of the day is a physical metal market, he says. LME chief executive Matthew Chamberlain had stayed up to watch. Nickel prices usually move a few hundred dollars per ton in a day. 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. Wayne has over 20 years of operational management experience of complex hydrometallurgical plants, specialising in transformation of operational and . At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. 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 If you don't see the email, check your junk, spam or other folders. By now, Tsingshan wasnt the only nickel company that was struggling, just the biggest. It decided to cancel all the trades that took place on Tuesday morning some $US3.9 billion of them. This was the most disorderly move in a metal Ive seen in my career, says Mark Hansen, chief executive officer of trading houseConcord Resources Ltd.We had a frenzy based on speculation that accelerated on Monday and Tuesday. 2W - 6W. WATCH: The Chinese tycoon, known as Big Shot in commodities circles is said to be facing billions of losses. Four or five of the brokerages that are LME members would have failed, a shock that could have devastated the global metals industry. Executives fromGoldman Sachs Group Inc.voiced their displeasure at the decision on a call with Chamberlain. Our fundamental responsibility is market stability, he said. Ore is processed at the Strathcona mill. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Company says it puts it into the league of the largest undeveloped nickel deposits in the world. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to people familiar with the matter. He started increasing his short position on the London Metal Exchange. Cobalt. As of the evening of March 13, the LME had yet to announce a date for nickel trading to resume. Nickel in electric vehicle batteries helps deliver higher energy density and longer range for vehicles. 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. He draws a comparison with Silver Thursday, the day in 1980 when an attempt by the Hunt brothers to corner the silver market came unstuck. Despite the recent upheaval, his company still remains the biggest in the nickel industry. They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to . In late February and early March, Tsingshan, which had sales of 352 billion yuan ($56 billion) last year, paid its margin calls on time. Learn how we produce copper and the uses it is put to. Glencore Nickel. Vale and Glencore announced today that they've entered a partnership to begin a feasibility study to explore Nickel Rim South. Stephen Engle reports. 115 000 MT. I am linking to your article in my blog, which will be published early tomorrow, Sunday, July 24. Including positions on the London Metal Exchange and bilateral bets with banks, Xiang still has short holdings in the region of 150,000 tons, 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 two major mining companies in Sudbury are working together to . Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. We had a frenzy based on speculation that accelerated on Monday and Tuesday. Discovery of the deposits is credited to Murray Edmund Watts in 1931 or 1932. Worse, the chaos was spreading to other markets: Zinc prices spiked 15% in a few minutes to a record high, only to collapse again. Required fields are marked *. 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. He blamed foreigners making some moves for nickels price spike in an interview with Chinese news outlet Yicai. Hes in the physical nickel business. Xstrata Nickel Montcalm Mine 2007 - 2010 3 years. On average, they predict the company's share price to reach GBX 620.91 in the next year. The difference is that nickel is a commodity that touches the entire global economy. 6W - 9M. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. Elon Musk wanted to buy 10-20% of Glencore, but refused to. The difference is that nickel is a commodity that touches the entire global economy. . 485,996 followers. Please try again later. 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. Mark Hansen, chief executive officer of Concord Resources, Help using this website - Accessibility statement. Undeterred, the Chinese tycoon has told banks he wants tomaintain his position, and has asked them to keep funding him despite the losses. 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UNFORGIVEABLE,tweetedMark Thompson, a former trader at Trafigura and Apollo. 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. Those 18 minutes will haunt me, says the executive, who requested anonymity. Last modified on Wed 15 Feb 2023 06.23 EST. 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. This matters beyond the cozy world of . Market speculation has it that Tsingshan has a short position of about 200,000 tons of nickel, which it cannot deliver due to a lack of spot product after being assailed and squeezed out by US and European commodity futures giants such as Glencore, China Securities Journal reported yesterday. Toronto, Ontario-- (Newsfile Corp. - March 1, 2023) - Mink Ventures Corporation. Glencore Nikkelverk is an important part of the green shift. Our fundamental responsibility is market stability, he told Bloomberg TV. Related Article: Nickel price spike purely financial but Tsingshan effect could linger. Glencore Nickel. 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. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. 2023 Glacier Media Group, All Rights Reserved. This suggests a possible upside of 27.1% from the stock's current price. Nickel is mainly used in the production of stainless steel because it improves its strength and resistance to corrosion. Like Comment Share. And that was just for the portion of the short position it held directly on the exchangeabout 30,000 tons. 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. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. Xiang didnt believe the rally would last. But the obvious consequence of so much nickel hitting the market, he believed, would be a fall in its price. Canada Nickel Company Inc. $1.24. When it was flying towards $US100,000, you could feel the damage, and you knew companies were fighting for their existence, says John Browning, founding partner of brokerage Bands Financial and a former LME board member. . Complete Glencore PLC ADR stock information by Barron's. View real-time GLNCY stock price and news, along with industry-best analysis. The price was frozen, below the record high but still at $80,000 a ton. 1w. 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. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to people familiar with the matter. Why? 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. Project manager for transition of Sudbury INO from CAMP to Deswik. In cobalt, a Chinese state-owned firm is also quite large, but Glencore is still the largest producer of cobalt in the free world. Our nickel operations are in Canada, Australia, Norway, and New Caledonia. 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. But while the short squeeze has weighed on Tsingshans short-term cash flows, strong nickel prices are to its advantage in the long run. Sign up to get it every weekday morning. ESC Mali school of busness. During the fiscal year 2021, the Swiss-based company Glencore reported a nickel production of some 102.3 thousand metric tons. 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. 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. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. Bloomberg Daybreak Middle East. 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. Your email address will not be published. Provided short/mid/long/strategic schedules using Deswik. 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. Others took to social media. 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 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 company had a further 120,000 tons or more in short positions off the exchange, in bilateral deals with such banks as JPMorgan Chase & Co. and Standard Chartered Plc. 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. Company says it puts it into the league of the largest undeveloped nickel deposits in the world. Everything changed when Russia invaded Ukraine on February 24. The LME halted trading of the metal yesterday and announced that it is unable to deliver on spot nickel contracts scheduled for March 9. 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. 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. . (This account of events in the nickel market is based on dozens of interviews with people involved, many of whom requested anonymity because the matters are private.). Tsingshan Holding Group was looking at an $8 billion trading loss after nickel prices soared, The Wall Street Journal reported Tuesday . Market speculation has it that Tsingshan has a short position of about 200,000 tons of nickel, which it cannot deliver due to a lack of spot product after being assailed and squeezed out by US and European commodity futures giants such as Glencore, China Securities Journal reported yesterday. 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. Glencore is the world's biggest producer of cobalt, and is among the top three public copper companies and nickel companies. 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. Now, people familiar with the matter say, the exchange is likely to introduce such measures as position limits and greater transparency. Xiangs short position has now racked up billions of dollars in losses. At current prices, nickel would comprise 12% of Glencore's EBITDA. 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. The latest price was A$0.04 (25-minute delay). Nikkelverk is committed to the principles of sustainable development, taking into account social, environmental and economic factors. 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