Nickel Market Breaks, Price Doubles to $100,000 In 1 Day, Deliveries Fail

Nickel prices had the biggest-ever one-day increase for any of the six base metals traded on the LME 👇 pic.twitter.com/CMf0VVz99P

— Menthor Q (@MenthorQpro) March 8, 2022

Monday’s monster squeeze was driven by market participants with short positions being forced to close out as they couldn’t meet margin calls. #LME #Nickel #ChinaConstructionBankhttps://t.co/ksDNIAVXNL

— M.Giuliani & Co. (@mgiulianico) March 8, 2022

No, this is not a cryptocurrency#Nickel futures surged to USD 100k a ton (below is per kg on the MCX exchange) in a 100% rally on the #LME

Bloomberg reporting a short squeeze

Not great to the #inflation story as the metal is used EV batteries and stainless steel pic.twitter.com/9IGVe0dJlB

— Daniel Dubrovsky, M.S. (@QM_Dubrovsky) March 8, 2022

The short squeeze on nickel on the LME is just completely out there. The three-month price has DOUBLED in less than 48 hours. I’ve been watching this market for 20 years, seen nothing remotely like this 🤯 pic.twitter.com/XndcIP45Kq

— Simon Casey (@sjcasey) March 8, 2022

Short covering squeezes…
“Hearing rumours from my #LME friends that one #Nickel producer is hedge short 180,000 tonnes of Ni and looking at a +$5bn marked to market loss.” https://t.co/kjIIdw1hyZ

— Samantha LaDuc (@SamanthaLaDuc) March 7, 2022

we know who got killed on LME nickel

China Construction Bank and Tsingshan aka TsingSHAM pic.twitter.com/5cz23SNYXb

— William T. (@wtnelson) March 8, 2022

Key bit: “The
LME also gave a unit of CHINA CONSTRUCTION BANK CORP. extra time
to pay hundreds of millions of dollars in margin calls that were
due Monday, according to people familiar with the matter.”

— Izabella Kaminska (@izakaminska) March 8, 2022

As Bloomberg News has previously reported, Chinese entrepreneur Xiang Guangda — known as “Big Shot” — had a large short position on the LME through his company, Tsingshan Holding Group Co., the world’s largest nickel and stainless steel producer.

— Javier Blas (@JavierBlas) March 8, 2022

LME aluminium opens the week with a growth of US$133.5/t to US$3,984.50/t; SHFE price declines by US$180/thttps://t.co/c28tvadi3o#lmealuminium #shfealuminium #aluminiumprice #aluminiummarket #lmeprice #alcirclenews

— AL Circle (@Alcircle) March 8, 2022

Spot #Palladium stands above $3200 per ounce, up 7% intraday.
LME #lead extends rally to $2,700 per ton, up 10%.
LME #Tin above $51,000 per ton, up 9%.
LME #Zinc pares gain to $4,557 per ton, up 10.84%.

Another day for #commodities.

— CN Wire (@Sino_Market) March 8, 2022