Nickel Market Breaks
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
China Construction Bank Corp Carted Out
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
Nickel Used in Batteries, Stainless Steel
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 (@ddubrovskyFX) March 8, 2022
Three-Month Price Doubles in 48 Hours
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
$5 Billion Market Loss
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
Trader “Big Shot” Blows Up
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
Extra Time
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
Time Didn’t Help
https://twitter.com/Iamanirudhsethi/status/1501084827864289281
China Stainless Steel Producer
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
What About Aluminum?
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
Palladium, Lead, Tin, Zinc
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
Ironic Tweet of the Day
Risk Price Management
- Risk Management?
- Real-Time Clearing?
This post originated on MishTalk.Com.
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Mish
If I only had my own foundry!