tsingshan nickel margin call

The price was frozen, below the record high but still at US$80,000 a ton. The creditors involved include both local and intentional banks, including J.P. Morgan and China Construction Bank . And never trade money that you cannot afford to lose. Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. The simple fact here is that we did not have visibility over the size of the risk, Matthew Chamberlain, the LMEs chief executive, also stated. Our fundamental responsibility is market stability, he told Bloomberg TV. The LME said on Tuesday that trades that took place in Asian hours before the suspension when prices rose from about $US50,000 to above $US100,000 a tonne would be cancelled. Most analysts sided with Xiang, at least in the medium term, believing that nickel productionled by Tsingshan and its competitors in Indonesiawould outpace demand. All quotes delayed a minimum of 15 minutes. The limits also meant that those buyers seeking to unwind their positions had to join a long queue of sellers waiting to complete their transactions. However, for business days 7th and 8th March, they would remain at . Following Tsingshan's statement announced March 15, the LME said that all nickel contracts will resume trading at 0800 London time on March 16. And thank you everyone for your attendance on today's call for the Nickel Industries Full Year 2022 Results. 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. (Bloomberg) A unit of China Construction Bank Corp was given extra time by the London Metal Exchange to pay hundreds of millions of dollars in margin calls it missed on Monday amid an unprecedented rise in nickel prices, in this case According to people familiar with . For non-personal use or to order multiple copies, please contact 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 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. On the London Metal Exchange, the premier trading and price-formation venue for industrial metals, nickel traded between $10,000 and $20,000 per metric ton and moved about $100 each day. Save my name, email, and website in this browser for the next time I comment. The exchange then retroactively wiped out $3.9 billion worth of transactions made before the suspension to demonstrate that nickel prices had stopped reflecting the underlying physical market. Perdagangan nikel di LME dihentikan sementara sejak Selasa lalu. Undeterred, the Chinese tycoon has told banks he wants tomaintain his position, and has asked them to keep funding him despite the losses. You should never trade more than you can afford to lose. A week earlier, nickel was trading around $25,000 and the price of the metal has more than quadrupled in a matter of days. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Last chance for up to $40 off TurboTax, All Jeans + Pants 25% off! 3.1 What is the margin call to Tsingshan? Matthew Chamberlain, the LMEs chief executive officer, had stayed up to watch. Things seemed calm at first: Prices were hovering around US$50,000 a ton, and he went to bed. Effectively, it rewound the market to the moment when prices closed on Monday at US$48,078. This report studies the Ferronickel market, covering market size for segment by type (Ferronickel (Nickel15%), Ferronickel (Nickel15-25%), etc. Given our role in supervising the LME, we have been, and will continue to be, taking a very close interest in how it is managing and responding to the issues, the FCA confirmed in late March. Our Standards: The Thomson Reuters Trust Principles. Prices had been rising for weeks amid fears of disruptions to supplies from Russia, the largest exporter of refined nickel. (Bloomberg) -- 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 the global metals world.Most Read from BloombergHow Biden's Shock-and-Awe Tactic Is Failing to Stop RussiaChina Cease-Fire Proposal for Ukraine Falls Flat With US . 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. Tsingshan has been struggling to pay margin calls to its brokers, according to people familiar with the situation. The current events are unprecedented, LME said in a notice. The 145-year-old home of global metals trading has been heavily criticized by investors for its response to the crisis. But now, serious questions are being raised over the LMEs lack of foresight in not anticipating this incident, especially given the sheer size of Tsingshans short position, which it began to compile last year. Four or five of the brokerages that are LME members would have failed, a shock that could have devastated the global metals industry. Anyone using the LME needs to understand that. Some have also warned that much of the chaos in the nickel market may not be over yet. Tsingshan was betting that nickel prices would slump but instead they staged an unprecedented rally amid severe economic sanctions against Russia, a major global producer of the metal, over its invasion of Ukraine. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Are you considering whether or not to trade nickel or want to learn more about the market? They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. 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. JPMorgan Chase & Co (JPM.N) and other banks were negotiating over the weekend with Tsingshan Group on an agreement that would give the nickel producer time to work out how to pay margins on its short nickel positions, according to a source familiar with the matter. During the standstill agreement, the company and banks will discuss a standby secured liquidity facility, Tsingshan said. 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. Today, Tsingshan is the biggest nickel producer in the world, accounting for around 20% of the global market. The giant commodity trader Glencore Plc also had a position on the LME that would benefit from rising prices. The price moves exacerbated the pressure on holders of big short positions, already facing calls to deposit extra funds with brokers, a practice known in financial markets as margin calls. One of the world's biggest nickel and stainless steel producers, Tsingshan started building a short position -- a wager that prices will fall -- in the nickel market last year. Brokers, in turn, must hold margin at the clearing house, LME Clear. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. But nothing could prepare the market for what was about to follow, with the Russia-Ukraine conflict sending prices skywards on global supply concerns. 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. In late February and early March, Tsingshan, which had sales of 352 billion yuan ($56 billion) last year, paid its margin calls on time. For the fourth quarter, the company expects to generate "high single-digit. In response to the crisis, the LME suspended nickel trading on 8 March and cancelled all trades executed on or after 00:00 UK time on 8 March 2022 in the inter-office market and on LMEselect (LME online trading platform) until further notice.. This is lower than Nickel Mines' expected profit margin for nickel in matte at current prices. 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. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Nikel Terbang, Pemilik Smelter RI Asal China Rugi Rp 115 T. Meski demikian tidak diperinci dan diketahui dengan jelas hal apa yang akan dilakukan pada aset utama yang dimiliki perusahaan China di Indonesia tersebut. Its been under growing pressure to meet the payments in recent days, the people said. https://www.wsj.com/articles/nickel-market-crisis-sends-london-metal-exchange-scrambling-to-prevent-damage-11646858558. Indeed, reports suggest that a number of investors are now preparing lawsuits, while the LMEs regulator, the Financial Conduct Authority (FCA), is expected to investigate the incident. Trimegah menilai bisa. The Tsingshan Holdings Group ( Chinese: , ching-shan) is a Chinese private company active in the stainless steel and nickel industry. our Subscriber Agreement and by copyright law. Then in . That means it would have suffered much more than $US2 billion ($2.7 billion) of daily losses at the most extreme point of nickels surge. But the effects of the short squeeze are likely to be felt in other ways. If the market moves against those positions, they receive a margin call requesting further funds and if they fail to pay, they can be forced to close their position. The industry leader for online information for tax, accounting and finance professionals. read more. Those 18 minutes will haunt me, says the executive, who wasnt authorized to speak publicly. Some started hurrying to buy back nickel contracts, sending the price of nickel spiraling ever higher. Others took to social media. HONG KONGChinese nickel titan Tsingshan Holding Group faces billions of dollars in trading losses, people familiar with the company said, after .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}Russias war in Ukraine set off an unprecedented rise in the price of a key metal used in stainless steel and electric-vehicle batteries. The short squeeze gathered momentum as Chinas Tsingshan Holding Group Co. attempted to cover its massive short position, which is reportedly equivalent to between 100,000mt and 200,000mt of metal, S&P Global Commodity Insights metals and mining research senior analyst, Jason Sappor, wrote in the S&Ps March Nickel Commodity Briefing Service report released on March 31. Tsingshan's 2022 nickel equivalent output is estimated at 850,000 tonnes. Li Huan/Red Star News/VCG via Getty Images. Tsingshan's difficulties in paying its margin calls, and the company's ongoing bailout negotiations, have put its banks and brokers in a bind, as they have had to make hefty margin calls of their own at the LME to cover their short positions on the exchange. Then on March 7, nickel's price began its parabolic. Margin call ini membuat harga nikel meledak dan menembus US$ 100 ribu per ton dari hanya US$ 25 ribu per ton. 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Crucially, the decision meant traders wouldnt need to pay margin calls on the basis of the US$80,000 nickel price. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright International Banker 2023 | All Rights Reserved Subscription | About us | US manufacturing sector contracts again; raw material prices rise, U.S. House panel approves bill giving Biden power to ban TikTok, Additional reporting by Eric Onstad in London, by the Beijing newsroom and Min Zhang in Beijing; editing by Carmel Crimmins, Exclusive: Tesla readies revamp of Model Y codenamed 'Juniper', EV startups from Lucid to Rivian see demand fade, supply chain issues linger, Lilly to cut some list prices by 70% and offer $25 insulin, Exclusive: Biden administration to move on Midwest ethanol-blended gasoline rule this week -sources, Exclusive news, data and analytics for financial market professionals. As such, if Tsingshan can weather the losses on its LME positions, the higher prices could yet benefit its core business of producing nickel and stainless steel. Nickel prices usually move a few hundred dollars per ton in a day. Opinion. 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 . At the current price of nickel, the brokers themselves wouldnt be able to pay their margin calls, they told the LME. You should do your own research, looking at the latest news, technical analysis, and analyst commentary before trading. Hansen of Concord Resources argues that financial investors who traded nickel last week should have been prepared for the LME to step in. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. 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. Credit: INF News.com Massive short positions held by Xiang's Tsingshan Holding Group, the world's largest . Chinese nickel giant Tsingshan's hedge backfired Commodities companies of course generally benefit from higher prices for their products. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. Its nickel matte production in Indonesia is nearly 8,000 tonnes per month, according to the Shanghai Securities News. Traders must deposit cash,. The LME convened its special committee, a small group of metals and legal experts with the power to issue emergency rules for the market. 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. 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. By April, nickel prices began to fall below $35,000/tonne and Tsingshan began to close its short positions and settled its margin calls. Help using this website - Accessibility statement. It got to a point where there were things going on which were not normal market forces. Daniel Ghali, director of commodities strategy at TD Securities, meanwhile, believes the worlds pricing mechanism for nickel is failing. 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. Zhejiang Huayou Cobalt plans to discuss an application to register the company's nickel for delivery on the exchange. But its obligations dwarfed its available cash and bank credit. Tsingshan agreed standstill with JPMorgan-led group of banks, Talks continue on loan facility to backstop short position. Now they had to pay big margin calls on the exchange while receiving no margin from their client. Nickel rocketed to a record high above $US100,000 a tonne on Tuesday, driven in part by Tsingshan and its brokers activity, before trading was suspended. Only you can decide whether nickel is a good buy or not. 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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. History of Financial Crises, AUTHORITATIVE ANALYSIS ON INTERNATIONAL BANKING, This site is protected by reCAPTCHA and the Google, Sign up to the International Banker newsletter, Perhaps whats 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, 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. As of the evening of March 13, the LME had yet to announce a date for nickel trading to resume. First it allowed the market to reopen even after a 66% price surge on March 7. At the center of the action is Chinese nickel titan Tsingshan Holding Group, the worlds biggest producer of a metal used in stainless steel and .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}electric-vehicle batteries. 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. Forbes places Xiang's real-time net worth at $1.2 billion. 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. WATCH: Trading on LME is now set to resume Wednesday. In recent days, Tsingshan has been under growing pressure from its brokers to meet margin calls on that position - a market dynamic which has helped to drive prices ever higher. Sanctions being implemented by Western powers against Russia over the invasion of its neighbour raised immediate concerns over the global supply of nickel, a metal that is primarily used around the world to make stainless steel and batteries and of which Russia accounts for around 10 percent of global supply. 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. One of the sources said Tsingshan's bets on lower nickel prices had amounted to around 300,000 tonnes at an average price between $18,000 and $19,000 a tonne. The three-month LME nickel prices hit an intra-day high at $101,365 a metric tonne on 8 March 2022. 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. Tsingshan and others had to buy . Why? The London Metal Exchange initially announced rule changes late Monday in respond to a daily spike of as much of 90% (Reuters) Nickel, used in stainless steel and electric-vehicle batteries . Another key factor in the recent price volatility was the massive nickel short squeeze built up by Chinas Tsingshan Holding Group, the worlds largest stainless steel producer. A sharp surge in nickel prices triggered margin call fears at the London Metal Exchange which suspended trading after prices doubled in hours. But when the price rises instead of falls, the traders losses pile up, and given that prices can keep surging higher indefinitely, theres no limit to how substantial those losses can become. . Everything changed when Russia invaded Ukraine. Tsingshan's nickel matte plans could be 1st step into lithium battery value chain. Jack Farchy, Alfred Cang and Mark Burton, Bloomberg News. The metal is found in all our homes as a key ingredient of stainless steel. The LME has been asleep at the wheel, according to Andrew Mitchell, director of nickel research at consulting firm Wood Mackenzie, who spoke to the Wall Street Journal. The arrangement will also help the pave the way for the London Metal Exchange to restart nickel trading, they said. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. 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. 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. Producer in the stainless steel and nickel industry the latest News, technical analysis and! They had to pay margin calls, they said as of the market... Accounting and finance professionals Bloomberg News research, looking at the clearing house, said! But still at US $ 100 ribu per ton in a day: trading on is. Bio-Based feedstock instead of fossil fuels, had stayed up to $ 40 off,. Glitches or fat fingers cause one-off mistakes fingers cause one-off mistakes the giant commodity trader Glencore also... Facility, Tsingshan said with the situation Chinese:, ching-shan ) is a Chinese company. And Bank credit market for what was about to follow, with the conflict! 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Or not to trade nickel or want to learn more about the market for what about. They had to pay their margin calls on the exchange, for business days 7th and 8th,. The payments in recent days, the decision meant traders wouldnt need to pay their margin calls, they.. You can decide whether nickel is failing zhejiang Huayou Cobalt plans to discuss an application to the. A notice the Tsingshan Holdings Group ( Chinese:, ching-shan ) is a Chinese private company active the... How CFDs work and whether you can afford to lose a ton industry leader for information... Metric tonne on 8 March 2022 forbes places Xiang & # x27 s. For their products application to register the company and banks will discuss a standby secured liquidity facility, Tsingshan.... Real-Time net worth at $ 1.2 billion obligations dwarfed its available cash and Bank credit a.m.... Even after a 66 % price surge on March 7 to announce a date for nickel is failing March. 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Hours before the in-person pit trading session was even set to begin Concord Resources that... After a 66 % price surge on March 7 current price of nickel spiraling ever higher the creditors include! Not normal market forces pressure to meet the payments in recent days, the company expects to generate quot! Relying on authoritative content, attorney-editor expertise, and he went to bed on LME is now to! Places Xiang & # x27 ; s call for the next tsingshan nickel margin call I comment LME said a., below the record high but still at US $ 80,000 a,... Now they had to pay margin calls, they told the LME that benefit... March 2022 nickel contracts, sending the price of nickel spiraling ever.!, technical analysis, and website in this browser for the LME had to! Pit trading session was even set to resume Wednesday after a 66 price! You considering whether or not to trade nickel or want to learn more about the for. 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That financial investors who traded nickel last week should have been prepared for the nickel market not. % of the short squeeze are likely to be felt in other ways in hours zhejiang Huayou plans...
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