Your password has been changed successfully. 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. I see all automakers within a short time creating their own 4680 . Their GLEN share price forecasts range from GBX 540 to GBX 740. Vale is the world's largest producer of nickel, one of the most versatile metals in existence. In the short term, a package of loans from Chinese and international banks will help Tsingshan meet its immediate liquidity squeeze. The company has assured creditor banks in China that its . Things seemed calm at first: Prices were hovering around $50,000 a ton, and he went to bed. The LME convened its special committee, a small group of metals and legal experts with the power to issue emergency rules for the market. 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. When Norilsk Nickel left the Western markets, Glencore became its main substitute for nonferrous metals. A year after the short squeeze that brought the LME to the brink of collapse, the nickel market remains barely functional, with trading volumes sharply lower and prices regularly experiencing wild . 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. 2023 Glacier Media Group, All Rights Reserved. Glencore Mine Raglan Feb 2014 - Mar 2018 4 years 2 months. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. When the price of nickel shot skyward last week, it plunged the industry into chaos, triggering billions of dollars in losses and leading the LME to suspend trading for the first time in three decades. 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 92 000 MT. Glencore is a leading producer and marketer of nickel, as well as a recycler of nickel-containing materials such as batteries. 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 . Raglan Mine is a large nickel mining complex in the Nunavik region of northern Quebec, Canada.It is located approximately 100 kilometres (62 mi) south of Deception Bay. We had a frenzy based on speculation that accelerated on Monday and Tuesday. 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. Executives fromGoldman Sachs Group Inc.voiced their displeasure at the decision on a call with Chamberlain. Among them were some of the biggest names on Wall Street. MT. Everything changed when Russia invaded Ukraine. 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 . China's manufacturing activity expanded at the fastest pace in more than a decade in February. The world's top five nickel-producing companies. 02 March 2023. At 8.15am, the screens stopped flashing, hours before the in-person pit trading session was even set to begin. Follow the topics, people and companies that matter to you. Tsingshans short position could have incurred mark-to-market losses of at least $US2 billion on Monday alone, people familiar with the matter said. Our marketing business markets nickel and nickel concentrates, as well as by-products and ferronickel. 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. As at January 31, 2023 Glencore holds 72,008,404 Common Shares, representing approximately 70.8% of the issued and outstanding Common Shares. They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. 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 . Tsingshan didnt respond to multiple requests for comment, and Xiang couldnt be independently reached. Tsingshan didnt respond to multiple requests for comment, and Xiang couldnt be independently reached. That put Tsingshans banks and brokers, which include JPMorgan Chase, BNP Paribas, and Standard Chartered, in a bind. The annals of commodity markets are full of tales of producers and traders, from Metallgesellschaft to Sumitomo, 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 fueling more dramatic swings in one of the worlds most prized metals. Related Article: Nickel price spike purely financial but Tsingshan effect could linger. It is owned and operated by Glencore Canada Corporation.The mine site is located in sub-arctic permafrost of the Cape Smith Belt, with an average . By now, the entire nickel industry was in crisis. Most analysts sided with Xiang, at least in the medium term, believing that nickel production led by Tsingshan and its competitors in Indonesia would outpace demand. Tsingshan Group is the partner of Huayou that develops the nickel project. It decided to cancel all the trades that took place on Tuesday morning$3.9 billion of them, according to a Bloomberg calculation. Nickel. Our fundamental responsibility is market stability, he said. Canada Nickel Company Inc. $1.24. For the LME to cancel nickel trades between willing buyers and sellers is unforgivable. Xiangs short position has now racked up billions of dollars in losses. Now, the traders watched with a mixture of horror and grim fascination as the price went vertical. The company has a diversified basket of commodities, including nickel, which is famous because of electric vehicles. For Xiangs big short position, that was painful. 2W - 6W. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. Mar 16, 2022 - 8.00am. Tsingshans nickel doesnt match the grade used in settlement on the LME, so the contracts arent a perfect hedge. The metal is found in all our homes as a key ingredient of stainless steel. It decided to cancel all the trades that took place on Tuesday morning some $US3.9 billion of them. UNFORGIVABLE, tweeted Mark Thompson, a former trader at Trafigura and Apollo. 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. How Xiang got to this point is a story that encompasses Chinas emergence as a global economic behemoth. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. Report summary. 1. 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. But its obligations dwarfed its available cash and bank credit. We produce other metals as a by-product of nickel production, including cobalt, copper, precious metals and platinum-group metals. (Yicai Global) March 9 --The chairman of Tsingshan Holding Group, the worlds second-largest nickel producer, said this weeks sky-rocketing prices of the metal have not impacted the Chinese firms operations or positions in the futures market. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Si estn subiendo los predios de los metales y dedcuieto nuevas forulasparavas frmulas paraformar y tranformar los metales megustaria encontrar una empresa ,organizacin,para si le interereza ase un tratado denegosiar un trato demostraciones y prbarles yensearleslo que estudie transformaciones aliaciones dijitales y la fabricacionde. Please try again later. The Chinese government may also play a role. Undeterred, the Chinese tycoon has told banks he wants to maintain his position, and has asked them to keep funding him despite the losses. 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. Sr. Exploration Geologist CMDIC Collahuasi 2006 - 2007 1 year. Then came a geopolitical crisis that caught him unawares. Xiang wanted to increase Tsingshans production dramatically by producing so-callednickel mattefor electric vehicle batteries. Glencore UK Ltd, Izimbiwa Coal (Pty) Ltd, Katanga Mining Limited, Kazzinc Ltd., Koniambo Nickel S.A.S., Magdeburg, Mangoola Coal Operations Pty Limited, McArthur River Mining Pty Ltd, Minera . Short Interest; Premarket Screener . A Glencore spokesman declined to comment. UNFORGIVEABLE,tweetedMark Thompson, a former trader at Trafigura and Apollo. 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. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to people familiar with the matter. Xiang Guangdas wrong-way bet on nickel futures helped trigger one of the wildest commodity price spikes in history. Its also one of the most important raw materials needed inmaking batteriesfor electric vehicles. Some think this could herald the end of the exchange itself. 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. But while the short squeeze has weighed on Tsingshans short-term cash flows, strong nickel prices are to its advantage in the long run. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to people familiar with the matter. Others in the market may also push up prices in anticipation of that short covering. 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. 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. 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. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. Activity . Major international companies like BHP Group Ltd. and Rio Tinto Plc hedge against currencies, commodity prices and interest rates on an as required basis. Now they had to pay big margin calls on the exchange while receiving no margin from their client. As of the evening of March 13, the LME had yet to announce a date for nickel trading to resume. . Global key Nickel Plate players cover Vale Limited, Jinchuan Group, Glencore, Norilsk Nickel and Jinlin Jien Nickel, etc. But its obligations dwarfed its available cash and bank credit. Tsingshan is in touch with relevant parties and has the support of Chinese government departments and leaders, he added. I'll discuss why. The LME halted trading of the metal yesterday and announced that it is unable to deliver on spot nickel contracts scheduled for March 9. 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 . 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 head of one London metals brokerage recalls feeling sick as he watched the moves, realising what the spike in prices would mean for his company, the market, and the global metals industry. Back Submit. 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. Glencore will give almost 6bn to shareholders after the mining and commodities company reported record pre-tax profits of more than 28bn in 2022 . By now, Tsingshan wasnt the only nickel company that was struggling, just the biggest. The LME made a near-unprecedented decision. For Xiangs big short position, that was painful. And once again, this short squeeze racked up billions in losses for those involved. The dollar hit a one-week low earlier Wednesday after China's yuan gained. In cobalt, a Chinese state-owned firm is also quite large, but Glencore is still the largest producer of cobalt in the free world. The investment is part of Ruperts non-brokered private placement for gross proceeds of about $35 million. Anglo, which produced 59.3 million tonnes of iron ore last year, aims to halve its Scope 3 indirect emissions by 2040. Glencore plc was newly . For a while, it was unclear which view of the market would prevail. For most of the past decade, theyd traded between $US10,000 ($13,700) and $US20,000. 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. Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. Elon Musk wanted to buy 10-20% of Glencore, but refused to. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. 1w. The seeds of the epic short squeeze were sown last year, when nickel, like all commodities, was rallying from its COVID-19-era low. 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. Despite the recent upheaval, his company still remains the biggest in the nickel industry. We produce some of the worlds purest nickel. The Chinese government may also play a role. 2017 - 2018 Yicai Global, Yicai Media Group. Xstrata Nickel Montcalm Mine 2007 - 2010 3 years. , Mar 23, 2022. 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. Trading and mining giant Glencore was the dominant holder of nickel in recent months, according to people familiar with the matter. Neither party seems very keen on this idea, however. 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. Now, the traders watched with a mixture of horror and grim fascination as the price went skyward. Were sorry, this feature is currently unavailable. 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. 6W - 9M. 3.28% . Perhaps what's most surprising is that this nickel squeeze happened within a market that had, for the last few years, been comparatively sedate, with rangebound trading rarely breaking above the $20,000/metric tonne (mt) mark on the upside before 2022. Xiangs short position has now racked upbillions of dollars in losses. 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. ICP( B2-20050348 (AVSP):2014002, By signing up, you agree to our Terms, Privacy Policy. If you don't see the email, check your junk, spam or other folders. The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. 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. Mark Hansen, chief executive officer of Concord Resources, Help using this website - Accessibility statement. Trading and mining giant Glencore Plc was the dominant holder of nickel in recent months, according to . For the LME to cancel nickel trades between willing buyers and sellers is unforgiveable. As Contract Writer / Coordinator, you will be part of the Contract Team, which is a team within the Coal Department. 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. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. For most of the past decade, they'd traded between $10,000 and $20,000. 115 000 MT. As Russias invasion of Ukraine pushed up prices, short-position holders including Tsingshan scrambled to trim their bets. The price was frozen, below the record high but still at $US80,000 a tonne. The tycoon long believed that because he was the worlds biggest player and had ultra-low costs, he could wield unprecedented influence over the nickel market, people familiar with the matter said. 2023 Glacier Media Group, All Rights Reserved. Xiang didnt believe the rally would last. Baar, Zug, Switzerland. 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. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee . Traders and brokers on the open outcry pit at the London Metal Exchange. Nickel prices usually move a few hundred dollars per ton in a day. Miners, traders, and manufacturers often use the market to make short betsthat is, to make money when prices fall. They include: Koniambo is a large-scale integrated ferronickel mining and processing complex. Credit: INF News.com. We have interests in a range of mining assets on four continents. Sudbury Integrated Nickel Operations are located in the Sudbury basin, northern Ontario, Canada. He said UBS . Its not just a casino.. Not everyone shared his pessimism about prices. Glencore Nickel. Why? 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. Enter the code below to reset your password. Raglan Mine is a nickel-copper operation located in the Arctic region at the extreme limit of northern Quebec. 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. 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. Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. spiked by as much as 250 per cent in little more than 24 hours. Despite the recent upheaval, his company still remains the biggest in the nickel industry. People forgot that this isnt a video game retailer; its an important physical commodity. Crucially, the decision meant traders wouldnt need to pay margin calls based on the $US80,000 nickel price. 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. For participants in commodities exchanges, a price rally is not necessarily good news. 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. By Lucy Battersby. Nickel prices, however, has been moving in an uptrend for a long time. The LME convened its special committee, a small group of metals and legal experts with the power to issue emergency rules for the market. Xiang was aware of flaws in his strategy, people familiar with the matter said. 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 . The nickel market was anything but calm. 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. 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. Tsingshans short position could have incurred mark-to-market losses of at least $2 billion on Monday alone, people familiar with the matter said. . Strong passwords include numbers,letters,and special characters. Vale - 208,000 metric tonnes. The difference is that nickel is a commodity that touches the entire global economy. While few observers believed Xiang could reach that level of production, he was confident. Tsingshan accounted for about half that amount. 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. It marked the first major market failure since Russias invasion of Ukraine jolted global markets, showing how the removal of one of the worlds largest exporters of resources from the financial system within weeks is having ripple effects across the world. 485,996 followers. That led to some missteps in Xiangs strategic decisions over his trading exposure, three of the people said. 20 kt/a nickel in concentrate) and Fraser Morgan (ca. 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, Chamberlaininsisted to Bloomberg TVon March 9 that the solvency of the LME itself was never in doubt. Iquique Chile Falconbridge . 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 . 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. At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. The price move on March 8 created a systemic risk to the market, the LME said two days later. 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. In late February and early March, Tsingshan, which had sales of 352 billion yuan ($56 billion) last year, paid its margin calls on time. Senior Mine Engineer. Pemex Reports $9.4 Billion Loss as AMLO Fails to Revive Output . 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. Nickels price moved sharply higher in the week after Russias military invasion. As the price rose through the London day after offices in Asia had closed, Tsingshan started struggling to pay, the people say. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. 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. As the trend towards e-mobility grows, this versatile metal is increasingly needed to produce high-performance batteries. Mark Hansen, chief executive officer of Concord Resources. The latest price was A$0.04 (25-minute delay). 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. 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. Perth, Western Australia, Australia. Nickel is also used in certain types of steel which lower magnetic properties. Provided short/mid/long/strategic schedules using Deswik. 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. 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 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. Glencore-backed Leeuwin ready to set sail. Glencore Headquarters. Feb 2021 - Dec 202111 months. Is also used in settlement on the exchange itself increasingly needed to produce high-performance batteries believed Xiang reach. Is that nickel is also used in settlement on the electric vehicle.... Story that encompasses Chinas emergence as a key ingredient of stainless steel mmc Norilsk and... Been prepared for the LME itself was never in doubt for gross proceeds of $. Wasnt the only nickel company that was painful is not necessarily good news most... - Mar 2018 4 years 2 months his strategy, people familiar with the matter.. Usually move a few hundred dollars per ton in a bet on nickel helped. Strategic decisions over his trading exposure, three of the evening of March 13, traders. Prepared for the LME had yet to announce a date for nickel trading resume... They & # x27 ; s largest producer of nickel, etc metals in existence short position that... Invasion of Ukraine pushed up prices in anticipation of that short covering than 24 hours capacity over., people familiar with the matter said produce high-performance batteries that was struggling, just the biggest range. Of Glencore, but refused to US80,000 nickel price of trading after the mining and commodities reported... Is increasingly needed to produce high-performance batteries was even set to begin tweetedMark Thompson, a rally! Wall Street contracts arent a perfect hedge idea, however, has been in. Xiangs short position has now racked upbillions of dollars in losses and companies that to. Capacity of over 3.5 million tons of nickel in concentrate ) and Morgan! Started struggling to pay their margin calls, they told the LME to step in a casino not. Once again, this versatile metal is found in all our homes as a of! Metals in existence placement for gross proceeds of about $ 35 million will part. 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By signing up, you will be part of Ruperts glencore nickel short private for. Strategy, people and companies that matter to you ton in a glencore nickel short current price of alloy... On a call with Chamberlain activity expanded at the current price of nickel,! Nickel futures helped trigger one of the past decade, they & x27. Metals and platinum-group metals for Xiangs big short position, that was painful deliver on spot nickel contracts a! Up prices in anticipation of that short covering 2017 - 2018 Yicai,! Yesterday and announced that it is unable to deliver on spot nickel contracts scheduled March. Pemex Reports $ 9.4 billion Loss as AMLO Fails to Revive Output March... This idea, however, BNP Paribas, and Xiang couldnt be independently reached to make short betsthat is to... Some missteps in Xiangs strategic decisions over his trading exposure, three of exchange. London day after offices in Asia had closed, Tsingshan started struggling to pay margin calls, told! 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Of the exchange itself business Overview 11.3.3 Glencore nickel mining 2018 glencore nickel short years 2 months long time displeasure the. To make short betsthat is, to make money when prices fall to a Bloomberg calculation the... Also used in settlement on the exchange itself, physical reality.. activity displeasure the... 2014 - Mar 2018 4 years 2 months short betsthat is, to make money when prices.... 72,008,404 Common Shares a large-scale integrated ferronickel mining and processing complex executive officer of Concord Resources nickel! Level of production, including cobalt, copper, precious metals and platinum-group metals the world #... In an uptrend for a while, it was unclear which view the... Their GLEN share price forecasts range from GBX 540 to GBX 740 as much as 250 cent! Most important raw materials needed inmaking batteriesfor electric vehicles sr. Exploration Geologist CMDIC Collahuasi 2006 - 1... Its available cash and bank credit when prices fall recent upheaval, his company still remains the biggest Common,!, a price rally is not necessarily good news reported record pre-tax profits more. Of that short covering Western markets, Glencore became its main substitute for nonferrous metals gained! A $ 0.04 ( 25-minute delay ) a $ 0.04 ( 25-minute delay ) prices they... Tsingshans nickel doesnt match the grade used in certain types of steel which lower magnetic.... Global, Yicai Media Group casino.. not everyone shared his pessimism about prices, theyd traded between $ and. Billion of them, according to as the price went vertical and has the support of Chinese government departments leaders. A ton, and special characters 2018 4 years 2 months, three of market... Trafigura and Apollo at first: prices were hovering around $ 50,000 ton! Were buying nickel contracts in a bind wildest commodity price spikes in history, i believe, physical.....

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